From The Wall Street Journal (10/18/11): The table shows the budget trend over the last five years, and it underscores the dramatic negative turn since the Obama Presidency began. The budget deficit increased slightly in fiscal 2011 from a year earlier, to $1.298 trillion. That was down slightly as a share of GDP to 8.6%, but as CBO deadpans, this was still "greater than in any other year since 1945."
As mentioned, the chart shown above was featured in a recent Wall Street Journal article ("A New Spending Record" - Washington had its best year ever in fiscal 2011).
The story and chart best illustrate just how out-of-control spending is in Washington, D.C. An important point in the article:
" ...faster economic growth and spending restraint are the keys to reducing deficits. Higher taxes will hurt growth and feed a Washington spending appetite that is as voracious as ever, despite the claims of political sacrifice."
Obama & Co. talk a lot about "sacrifices" and cutting spending. They do not practice what they preach. RIght now, Obama (who recently proposed a $474 billion stimulus jr. plan - known as the "jobs bill") as well as Harry Reid (who just proposed a $35 billion stimulus) are trying to spend even more money the country does not have. Are the Democrats/Socialists in Washington D.C. crazy, or is this a part of the master plan to destroy the United States economy?
The years 2007 and 2008 on the Congressional Budget Office chart show the deficit numbers to be low - including the deficit share of the GDP. During 2007 - the federal budget came very close to being balanced. (Who was president at the time?) Even more revealing: the government was taking in more money - during the years of Bush and tax cuts!
Obama & his fellow Dems/Socialists have been on a reckless spending spree for almost three years now - with no end in sight. The Wall Street article mentioned earlier helps explain how Obama is spending - what he is spending on and why the government is taking in less money than before. (Hint: It's not because of the Bush tax cuts, it's because of a little thing called: interest).
As Obama and his fellow Dems keep on spending billions or trillions, and borrowing money from countries like China to keep their habit going - the United States is finding itself in a deeper financial hole. We do not have a president interested in restoring any sense of fiscal responsibility to the government. In fact, we have a president encouraging people to blame Wall Street for all our financial woes, while he himself continues to propose even MORE billions of dollars of frivolous spending with no regard for the amount of money coming in.
This is just a blueprint to financial ruin. When the country is taking in less money, spending must be curtailed, not promoted or demanded.
Are people as really stupid as Obama seems to think? I don't believe so. At election time, the smart ones won't give Obama yet another four years to continue to decimate the United States.