Yes, you read the headline correctly. The Congressional Budget Office has predicted that the final budget deficit, the amount by which the government spends more than it takes in for a year, will close the 2012 fiscal year at about $1.1 trillion (see it here: http://www.cbo.gov/publication/43539). The government will have spent $3.8 trillion while taking in revenues of $2.7 trillion. And yes, I must through this out there, taxing the rich more will not change the $1.1 trillion deficit. See those numbers here: http://loudmouthelephant.blogspot.com/2012/03/tax-rich-obama-class-warfarecampaign.html
This post isn't scientific; it's just some thoughts about these numbers. Think about this:
- The US government spends $1.1 trillion more than it receives. That's 40.7% more than it takes in. If the government was an average American worker earning $40,000, taxes aside, that worker would be spending a little more than $56,000 every year.
- At $3.8 trillion in yearly expenditures, the government spends around $121,000 per second! If the average American earns $40,000 per year, our government spends approximately 3 yearly incomes per second.
- Other figures: This is almost $10.5 billion per day, $316 billion per month.
- With a deficit of $1.1 trillion the government spends about $34,000 more than it receives every second. Imagine that: adding $34,000 to the government's debt total for every second it exists.
- There are approximately 310,000,000 Americans. Our government's total debt is approximately $16 trillion. That means the second you're born in 2012, you now have $51,613 of government debt over your head.
My biggest question: how can we even exist when the government spends nearly three times the average Americans' yearly income every second? Why are we spending so much money? Well, according to this budget analysis, we spend $2.055 trillion on Social Security and Medicare payments alone. It's clear we have a spending problem, and things need to change. Perhaps pulling away from an entitlement, let's-simply-take-care-of-everyone state is a start.
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"Perhaps pulling away from an entitlement, let's-simply-take-care-of-everyone state is a start. "
ReplyDeleteWhat? Then some poor person that can't afford their own groceries may not be able to afford a brand new pair of Air Jordan's or weed if we take away their hand out.
Just kidding. Good to have you back LME.
What are the odds of getting an Elephant in the Room Fantasy Football League going? Any interest in that at all?
Is it safe to say these numbers make me sick?! $120k every second. How does our government (I know bush started this but obama is doing it too) justify this? It has to stop.
ReplyDeleteAnd yet Obama's out on the stump - DAILY - demonizing the Romney/Ryan plans to rein in our massive, wasteful, out of control spending... screaming that we need to spend MORE on stuff like student loans and welfare; MORE on infrastructure (read: UNION jobs ONLY); that he wants the Gov. to take over MORE private industry; that the outrageously expensive, totally unsustainable Obamacare IS the answer to ALL our healthcare problems.
ReplyDeleteMILLIONS of Baby Boomers are just now entering a program that is headed over a cliff in its current form... while Obama and his ilk fiddle beside the fire and bash ANY attempts to SAVE it.
Our public indoctrination centers (schools) are a MESS; our students come out UNABLE TO READ or DO BASIC MATH, with WARPED lefty views of OUR OWN AMERICAN HISTORY as a DIRECT RESULT of Government intervention AND UNION influence.
I have neighbors, currently on Medicare - who have a heck of time finding DOCTORS who can AFFORD to take on new patients NOW - and Obamacare will soon dump MILLIONS MORE into that program... and the Dems continue with their 'Medicare For All' mantra?
And 21 MILLION new UNIONIZED Health Care workers will LOWER cost... REALLY? WHO believes that TRIPE?
Fannie and Freddie are at it again - with their 3% down loans for 'minorities only'... like we NEED ANOTHER housing bust!
Oh, and the 700,000 illegal alien 'DREAMERS' JUST magically DOUBLED to 1.3 MILLION... all lined up to collect their Amnesty goodies... where do we get the $$ for THAT!
Do the Libs, like Obama, think that the money for these things - grows on TREES?
Oh that's right - we'll just 'tax the rich'! which would cover roughly ONE WEEK of this INSANE spending spree that Obama and the Dims INSIST ON CONTINUING.
Then what?
Okay, I have to go now - and get the Duck Tape to keep my head from exploding! : (