Nov 25 2008
Government Spending Is Getting Up There
I said not too long ago that all this government spending to supposedly help the economy could soon cause a huge problem. Now I have some numbers to work with, thanks to a recent article.
http://www.msnbc.msn.com/id/27905165/
The national debt is at $10.6 trillion, just a little less than double what it was in 2000. Instead of things getting better, things have gotten worse. No surprise really, if you consider the spending for the war and other things in the months even prior to the economic crisis now. The article does a good job of separating where some of the spending is going.
Another thing to note, the federal deficit for the last fiscal year was $455 billion. Compare that to $161.5 billion in 2007. The deficit has almost tripled. Bailouts will surely continue, stimulus packages will require more spending, and various taxes may not be raised to a sufficient level. All this will lead to the deficit and national debt increasing. Who will give the government a bailout?
