DUPAGE COUNTY BUSINESS BLOG

Must See Charts on the Current and Projected in Gov't Spending and Budget - July 15, 2010

Must See Charts on the Current and Projected in Gov't Spending and Budget

The simple charts are easy to scroll through, and tell quite a story.  Despite all the noise, the nation's leadership has not addressed any sense of fiscal prudence or responsibility to the future.

Yes indeed, difficult choices ahead - and not even being debated or discussed right now as leaders try to push past the November election.

http://www.businessinsider.com/heritage-foundation-budget-spending-deficit-2010-6#-1

Much of the data is based on research provided by the Heritage Foundation in its 2010 Budget Chart Book. 

In short, the federal government is spending more per household than ever before. At current spending rates, by the time this spring's college graduates turn 67, federal spending on just three programs -- Medicare, Medicaid and Social Security -- could consume two-fifths of the nation's economic output.

At a time of layoffs and pay cuts for many workers, federal spending grew more than eight times faster than median income.  With population growing only 1% per year, there is not enough new income to tax to offset the drastic increases in spending forward.

Recent financial bailouts, while outrageously expensive, were a pittance compared with the ballooning overall federal budget.

Most federal revenue comes from individual Americans in the form of the personal income tax.

Entitlement spending and interest payments on debt are squeezing out available dollars for vital programs such as defense, homeland security and education.

The full chart book from the Heritage Foundation includes gov't revenues, deficits and other measures as well. Use the link below for more pictures, as unsettling as they may be.  The whole series can also be downloaded.
 
http://www.heritage.org/budgetchartbook/default

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