Budget tally for 2010

It’s the SPENDING stupid:

The 21.4% federal spending increase in two years ought to put to rest any debate about the nature of America’s fiscal problem. The Pelosi Congress has used the recession as an excuse to send spending to record heights, and its economic policies have contributed to a lousy recovery. The solution is to stop the spending and change the policies. Polls open on November 2.

Military spending? Down. Everything else? Up.

Once again domestic accounts far and away led the increases. Medicaid rose by 8.7%, and unemployment benefits by an astonishing 34.3%—to $160 billion. The costs of jobless insurance have tripled in two years. CBO adds that if you take out the savings for deposit insurance, funding for all “other activities” of government—education, transportation, foreign aid, housing, and so on—rose by 13% in 2010.

Everything rose. Did your income rise? Prolly not. Did our nation’s income rise? NO.


If I didn’t make more money, and YOU didn’t make more money, how does the government expect to raise spending?

Let’s take a trip back to the beginning of 2009. NYT.

After a string of costly bailout and stimulus measures, President Obama will set a goal this week to cut the annual deficit at least in half by the end of his term, administration officials said. The reduction would come in large part through Iraq troop withdrawals and higher taxes on the wealthy.

By half? Did he mean to say he’d triple the budget? Was that a misprint?

The president inherited a deficit for 2009 of about $1.2 trillion, which will rise to more than $1.5 trillion, given initial spending from his recently enacted stimulus package. His budget blueprint for the 2010 fiscal year, which begins Oct. 1, will include a 10-year projection showing the annual deficit declining to $533 billion in the 2013 fiscal year, the last year of his term, officials said.

So, he “inherited” (Obama’s favorite word) a $1.2 trillion deficit, which he turned into $3.52 in 2009 and $3.45 in 2010. Well, it went down a bit, right? Wrong. The CBO reports that the spending decline was a result of one-time events.

The costs of TARP declined by $262 billion from 2009 as banks repaid their bailout cash, payments to Fannie Mae and Freddie Mac were $51 billion lower (though still a $40 billion net loser for the taxpayer), and deposit insurance payments fell by $55 billion year over year. “Excluding those three programs, spending rose by about 9 percent in 2010, somewhat faster than in recent years,” CBO says.

But, let’s not give Obama all the credit for the shitty position we’re in. Nancy and her pals did a BANG UP JOB of spending our money. And in three weeks, you can thank them personally.

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