Quote:
Since 2001, federal spending has leaped 45 percent. Defense and homeland security account for less than one-third of this increase. Education has increased 137 percent, international spending by 111 percent, and health research and regulation by 78 percent. Anti-poverty spending now tops three percent of GDP for the first time ever. Even after a freeze in FY 2007, non-defense discretionary spending will be up 42 percent since 2001 — double the increase enacted in President Clinton’s first six years in office.
This year’s nine percent spending hike is the largest since 1990. This is occurring even though the economy is healthy. Lawmakers should not assume they can continue increasing spending at this rate and be bailed out by equally fast revenue growth.
Spending under President Bush has increased from 18.5 percent of GDP to 20.6 percent. That is the largest increase under any President since Franklin Roosevelt. Had spending remained at 18.5 percent of GDP, this year’s budget deficit would be only $27 billion.
This year’s nine percent spending hike is the largest since 1990. This is occurring even though the economy is healthy. Lawmakers should not assume they can continue increasing spending at this rate and be bailed out by equally fast revenue growth.
Spending under President Bush has increased from 18.5 percent of GDP to 20.6 percent. That is the largest increase under any President since Franklin Roosevelt. Had spending remained at 18.5 percent of GDP, this year’s budget deficit would be only $27 billion.
It's mostly good news, However:
Quote:
Overall, nominal tax revenues are up 11 percent in 2006, and 28 percent over the past two years. The inflation-adjusted 19 percent increase represents the largest two-year revenue surge since 1965-67.
Tax revenues in 2006 are projected at 18.3 percent of GDP—slightly above the 18.1 percent average for the last 50 years. Americans are now overtaxed by historical standards.
Following the 2003 tax cuts, the Congressional Budget Office (CBO) lowered its 2006 revenue projections from $2,370 billion to $2,276 billion. Now, 2006 tax revenues are projected at $2,400 billion. In other words, tax revenues are now above their pre-tax cut baseline.
Tax revenues in 2006 are projected at 18.3 percent of GDP—slightly above the 18.1 percent average for the last 50 years. Americans are now overtaxed by historical standards.
Following the 2003 tax cuts, the Congressional Budget Office (CBO) lowered its 2006 revenue projections from $2,370 billion to $2,276 billion. Now, 2006 tax revenues are projected at $2,400 billion. In other words, tax revenues are now above their pre-tax cut baseline.
So what does this all mean? For one, that the increase in the GDP has resulted in increased tax revenue.
Which the assholes in Washington have decided to spend.
They´ve really got a great little racket here; they spend retardedly, ignore deficits, wait 'till revenues increase, and then ignore the deficit again. What people seem to be forgetting is that, as long as we have a budget deficit, the national debt will keep growing, regardless of how small that deficit is. You would think that the fiscally conservative; nay, the fiscally responsible thing to do would be to try and balance the budget and start whittling away at the debt, but no. It's official, the good old 90´s, when democrats controlled one and a half branches of the government, were more conservative than today.
Bill Clinton was twice as conservative as Bush.
