Gay Patriot Header Image

Federal spending in perspective

Posted by B. Daniel Blatt at 10:58 am - August 6, 2011.
Filed under: Big Government Follies

A Facebook friend posted this on his page:

If the US Government was a family, they would be making $58,000 a year, they spend $75,000 a year & have $327,000 in credit card debt. They are currently proposing BIG spending cuts to reduce their spending to $72,000 a year. These are the actual proportions of the federal budget & debt, reduced to a level that we can understand.

– Dave Ramsey

It’s the spending, stupid

Posted by B. Daniel Blatt at 10:24 am - August 6, 2011.
Filed under: Big Government Follies,Debt Crisis,Economy

From the Washington Post:

Standard & Poor’s announced Friday night that it has downgraded the U.S. credit rating for the first time, dealing a symbolic blow to the world’s economic superpower in what was a sharply worded critique of the American political system.

Lowering the nation’s rating to one notch below AAA, the credit rating company said “political brinkmanship” in the debate over the debt had made the U.S. government’s ability to manage its finances “less stable, less effective and less predictable.”

Wonder if we would have seen this downgrade if the president had offered a plan of his own at the outset of the debate.

Downgraded because we spend too much:

S&P said the downgrade “reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics.” It also blamed the weakened “effectiveness, stability, and predictability” of U.S. policy making and political institutions at a time when challenges are mounting.

Democrats,” Professor William A. Jacobson writes

own the downgrade. They fought Republicans and Tea Party supporters every step of they way, and forced a deal which was insufficient. They played class warfare and race politics against arguments that we needed to drastically change our spending habits.

Via Instapundit.

Nothing’s changed; we’re still living beyond our means

But there is no doubt that we’ve been living beyond our means and we’re going to have to make some adjustments.

Now, what I’ve done throughout this campaign is to propose a net spending cut.

Candidate Barack Obama, October 15, 2008

THIS CAN’T BE GOOD: U.S. Borrowing Tops 100% Of GDP: Treasury. “The new borrowing took total public debt to $14.58 trillion, over end-2010 GDP of $14.53 trillion, and putting it in a league with highly indebted countries like Italy and Belgium.”

Glenn Reynolds, August 4, 2011