The Humble Libertarian

Building a small army to take over the world and... leave everybody alone.

Monday, March 26, 2012

About That $20 Trillion in Public Debt....

The real state of the union.  Spending soars and tax revenues nose dive.
In only three more years you're talking $20 trillion in public debt for the USA and a GDP going nowhere fast...In constant (2005) dollars, the economy actually shrank in the three year span of 2008-2010 and is back to 2007 levels. That's what we bought with $6.1 trillion in additional debt and Federal spending. Just as a refresher: Federal revenues 2007 $2.56 trillion 2010 $2.16 trillion Federal spending 2007 $2.72 trillion 2010 $3.72 trillion In three years, Federal spending jumped almost exactly $1 trillion, or 36.7%. In 2011, the Federal deficit is 11% of the nation's GDP. In 2011, the Federal government borrowed 42% of its expenditures.
Read the rest here