Thursday, February 26, 2009

Federal Budget ...Un-Freakin Believable

The numbers are staggering. Bailouts. Enormous Keynesian spending. Print-as-much-money-as-possible monetary policy.

Obama's first budget has a $1.75 trillion deficit for the 2009 fiscal year. That is equal to 12.3 percent of U.S. gross domestic product -- the largest share since 1945 when the country ran a shortfall of 21.5 percent of GDP.

The projected 2010 US federal government budget is $3.552 trillion; found on page 114 of the "New Era of Responsibility" budget.

So how much will President Barack Obama's budget cost us? With a current US population of 304,059,724. Dividing the $3.552 trillion by the population, that gives us close to $11,833 per person in America. But not everyone pays taxes.

The number of US taxpayers is 138,893,908, those who filed tax returns in 2007. So each taxpayer is on the hook, in essence, for $25,573.

We also have to look forward to something like $989 billion in new taxes over the next decade, starting in 2011 -- mainly the evil rich people and corporations.

Un-freakin believable.


Rachel Hauck said...
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Rachel Hauck said...

OMG! Thanks for those numbers. It is un-freaking believable.