Welcome Guest
( Log In | Register )
The time is now 8:10 pm
You last visited January 23, 2017, 7:51 pm
All times shown are
Eastern Time (GMT-5:00)

The 7-Eleven Presidency

Published:

The 7-Eleven Presidency

 

7:15 AM, Oct 18, 2012 • By JEFFREY H. ANDERSON
 

Alerts

Hide

 

Get alerts when there is a new article that might interest you.

Bill Kristol Fred Barnes Jay Cost
Please sign me up for The Weekly Standard weekly newsletter.
The Weekly Standard reserves the right to use your email for internal use only. Occasionally, we may send you special offers or communications from carefully selected advertisers we believe may be of benefit to our subscribers. Click the box to be included in these third party offers. We respect your privacy and will never rent or sell your email.
Please include me in third party offers.

In the wake of the Treasury Department’s newly released summary of federal spending for 2012, it’s now possible to detail just how profligate the Obama years have been.  Here’s the upshot:  Under Obama, for every $7 we’ve had, we’ve spent nearly $11 (or, to be more exact, $10.95).  That’s like a family that makes $70,000 a year — and is already knee-deep in debt — blowing nearly $110,000 a year.

To illustrate this a bit differently, for every Jackson ($20) we’ve had available to spend under Obama, we’ve also borrowed a Hamilton ($10) and a Washington ($1) and spent those too. The only thing is that, under Obama, we’ve (literally) spent the equivalent of 342 billion Jacksons, 342 billion Hamiltons, and 342 billion Washingtons — borrowing all of the Hamiltons and Washingtons.

Let’s take a look at the scorecard, based on official government figures.  In fiscal year 2012 (which ended on September 30), the federal government acquired $2.449 trillion in tax revenue and other receipts.  It spent $3.538 trillion — 44 percent more than it had available to spend.  The resulting deficit was $1.089 trillion.

In fiscal year 2011 (see table S-1), the federal government acquired $2.303 trillion in tax revenues and other receipts.  It spent $3.603 trillion — 56 percent more than it had available to spend.  The resulting deficit was $1.3 trillion.

Entry #137

Comments

This Blog entry currently has no comments.

You must be a Lottery Post member to post comments to a Blog.

Register for a FREE membership, or if you're already a member please Log In.