Friday, April 6, 2012
Government Spending is the key issue of our time
This picture and the enclosed details are not what our country needs. It's time to take control of the runaway spending that have marked the last three years. We cannot allow our children's future to be spent by the feckless pols.
The latest chart from the Republican side of the Senate Budget Committee, showing that under President Obama's budget plan, debt would be $73,000 per American in 2022:
By contrast, debt per person was still an astonishing $33,000 in 2008, at the end of George W. Bush's term, and $20,000 in 2000, at the beginning of Bush's presidency.
In just four years, President Obama’s policies will have added $6.4 trillion in new gross debt, for a total debt of $16.4 trillion by the end of this year.
· Per-household debt will have risen from $85,500 at the end of 2008 to $135,100 by the end of 2012.
· Average spending under the Obama Administration will be 33 percent higher than the four years preceding his term.
· Spending in 2012 will be $800 billion higher than 2008.
· Per-household spending in 2012 will be $7,000 greater than 2008—a 23 percent increase.
· Per-household spending in 2022 under the president’s budget will be $44,000, nearly $20,000 higher than in 2008.
· Per-household debt in 2022 under the president’s budget will be $195,000, more than double what it was in 2008