Fiscal year 2010 ended on September 30th. Looking back, the Congressional Budget Office calculated that during that year the deficit has reached nearly $1.3 trillion. The 2010 deficit is the second-highest shortfall — 2009 is the highest — since 1945, as a percentage of the economy...
...This is stunning: This table, which was put together by the Wall Street Journal, shows that overall, the government has grown by 21.4 percent in two years. We have a spending problem, not a revenue problem...
This has consequences.
Our debt is huge, it will get worse, and the interest we could end up paying on that debt might end up eating up all of our wealth if lawmakers don’t change their ways.
Now, here's the really shocking part: that massive spending increase excludes:
• TARP (the Troubled Asset Relief Program, the result of years of failed Democrat housing policies)
• Fannie Mae (aka 'The Job Shop for Connected Democrats')
• Freddie Mac (aka 'The Other Job Shop For Connected Democrats')
• The FDIC (aka 'Johnny-on-the-Spots')
Oh, and one additional factoid. Federal budgets come out of the House of Representatives. These disgusting spending sprees have been spearheaded and approved by the brilliant Nancy Pelosi and the rest of the Democrat ruling class for the last four years.
President George W. Bush made plenty of unsupportable domestic policy decisions -- but he didn't set out to bankrupt the country.
Hat tip: Mark Levin.
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