Via the Wall Street Journal.
The federal deficit this fiscal year will be $1.6 trillion, or about 10.6% of gross domestic product. That is the largest deficit since World War II, and even President Obama’s optimistic estimates show our deficits will not return to sustainable levels for at least the next decade.
The administration’s projection of total federal spending over those 10 years (2011-20) is $45.8 trillion, while expected taxes and other receipts will be $37.3 trillion. The $8.5 trillion deficit is about 20% of spending. And all of these numbers are based on a full and lasting economic recovery, which, based on current experience, is a pretty optimistic projection.
Earlier this month, The Wall Street Journal‘s editorial page did an analysis of the federal government’s debt that will be held by the public over the coming decade. When the Democrats took control of Congress in 2007, the debt held by the public was 36.2% of GDP. It rose to 40.2% the next year. This year it will be about 63.6%, next year 68.6%, then 77% of GDP in 2020. And the Obama administration’s budget estimates 218% in 2050.
The reason for these rising deficits is the huge increases in federal spending–the intended growth of the federal government–that Congress and the president are pushing. The deficit in 2007 was $160 billion. In the next year the Pelosi-Reid Congress took it up to $458 billion, and when President Obama came into office in 2009 it hit $1.4 trillion. The current 2010 projected deficit is $1.6 trillion, which will lead to a tripling of our national debt from 2008 to 2020.
The Dems still don’t get it, either. Pelosi, Reid, Obama, and the rest of the arrogant douchebags, are actually proud of what they’ve done and think we should be grateful for the opportunity to become serfs of the State.
The Republicans need to fix this trainwreck like yesterday.