Original Blog Entry: The 7-Eleven Presidency

CajunWin4 — Fri, 19 Oct 2012 04:33:50 GMT

The 7-Eleven Presidency

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

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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.

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