US Government Spends 61% More than it Receives in 2010
A New Era of Responsibility? Or more out of control spending? How can we ever pay our way out of debt if we spend 61% more than we take in? by EJ Moosa
(libertarian)
Tuesday, January 26, 2010
The Congressional Budget Office reported today that the deficit spending for 2010 is expected to be $1.35 Trillion dollars.
These are such large numbers that it is nearly impossible to wrap my mind around them. So, I did a little math, and I am going to share the results with you.
There are approximately 227,431,00 adults in the United States. While I realize that some of the budget is spent on children, it is not fair to say that it is their responsibility to pay these debts. With that in mind, President Obama's spending proposal equals $15,609.12 per adult.
The shortfall in what will be collected to pay for that spending works out to $5,935.83 per adult.
Most of us attempt to spend less than we earn. It's the safe thing to do. It is the strategy that reduces the risk of financial disaster, and as we know, President Obama is all about managing financial risk today. So even a balanced budget would have more financial risk than how most of us strive to live.
If our goal had been a balanced budget, then we would have overspent our budget by a whopping 61.36%. Do you see that number? Do the math on your own personal income, and see if you can get away with that.
These are numbers I can grasp. And I know that if was over-budget by 61.36 %, with this economy, I would need to curtail my spending, or I would be headed for financial ruin.
And since these numbers are for each and every adult in the United States, how can we not be also headed for financial ruin?
President Obama, this is the new era of financial responsibility?
I guess that would depend on what the definition of responsibility is.
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