Obama's spending madness in black and white ... and a flood of red

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Washington Examiner:


Obama's spending madness in black and white ... and a flood of red
By: MARK TAPSCOTT
Editorial Page Editor
08/23/10 10:26 AM EDT

Are President Obama, Senate Majority Leader Harry Reid and House Speaker Nancy Pelosi spending the country into bankruptcy? Well, Brian Reidl at the Heritage Foundation took a close look at the new Congressional Budget Office (CBO) budget baseline projection and came up with these startling facts:

* Even as war spending phases out and the economy recovers, the projected budget deficit never drops below $1 trillion, and reaches nearly $2 trillion by 2020.

* The national debt held by the public is set to surpass 100 percent of the Gross Domestic Product (GDP) by 2020.

* By 2020, half of all income tax revenues will go toward paying interest on a $23 trillion national debt.

* Federal spending per household, which has risen from $25,000 to nearly $30,000 over the past three years, would top $38,000 by 2020. The national debt per household, which was $52,000 before the recession, would approach $150,000 by 2020 (all adjusted for inflation).

* Even if all tax cuts are extended, revenues will still surpass the 18.0 percent of GDP historical average by 2020. The reason the deficit will surge 6 percent of GDP above its average is because spending will surge to 6 percent of GDP above its average.