Big news today (and I mean BIG literally, in a sumo wrestler sort of way): According to foxnews.com, today the President will be unveiling a 2010 budget that is more bloated than ever, at $3.55 trillion (with a $1.2 trillion deficit)...while at the same time contending that he is beginning to restore fiscal discipline to the nation's finances.
That last part is, of course, a bunch of baloney.
Oh, and by the way—there were statistics on this year's budget changes. More below.
Let's take a look at the numbers.
If we assume that there are 300,000,000 people (legally) in this country, a $3.55 trillion budget works out to $11,833 per person—or for my family of six, that's $71,000! Our household income, in total, is well shy of $71,000!
The deficit of $1.2 trillion itself comes to $4000 per person—or for my family of six, $24,000!
A little subtraction shows that the government is projecting income of $2.35 trillion for the next fiscal year. This means that the government intends to budget expenses of about 51% more than it takes in. Can you imagine the consequences if your household tried that for any extended period of time....If you spent $151 for every $100 of earned income?
Keep in mind also, these statistics are for just one single year...and this president has three more to go. Does anyone see the importance of electing Republicans—fiscally conservative ones, as opposed to certain others I could name—to Congress next year?
Now let's look at the disaster that is this year's budget. In the words of the article,
In addition to next year's spending, Obama proposed more immediate changes that would push spending to $3.94 trillion in the current year. That would result in a record deficit Obama projects will hit $1.75 trillion, reflecting the massive spending being undertaken to battle a severe recession and the worst financial crisis in seven decades.So for this year, that's a budget spending $13,133 for every man, woman, and child in this country, with a deficit coming to $5833 for every man, woman, and child in this country THIS YEAR.
The cost of the stimulus bill and the increased bailout support would push the deficit for this year to $1.75 trillion, nearly four times last year's record $455 billion and a percentage of the economy -- just over 12 percent -- not seen since World War II. The deficit would remain near $1 trillion over the next two years before dropping to $581 billion in 2012 and $533 billion in 2013, the year that Obama has pledged to cut the deficit he inherited in half.
Totals for 2008-2010 fiscal years:
- The government will spend about $24,966 for every person in this country;
- The deficit will increase by about $9833 for every person in this country.