Ben Bernanke made an important point while testifying before the House Budget Committee: lawmakers must reduce the federal deficit and return the nation to fiscal sustainability. The deficit, set to hit $1.8 trillion this year, is not expected to dip under $500 billion per year during the next decade, even …
Your family’s share of the national debt just got a lot bigger thanks to the recent increases in federal spending. According to an analysis by USA Today, in 2008 an additional $55,000 per household in new federal obligations was added onto the already massive figure, bringing the total to $546,668. …
According to an analysis by USA Today, American taxpayers “are on the hook for an extra $55,000 a household to cover rising federal commitments made just in the past year for retirement benefits, the national debt and other government promises.” Federal obligations now stand ata record $546,668 per household, quadruple …
Yesterday’s USA Today brought the not so surprising news that federal tax revenue has fallen drastically due to the struggling economy. The 34% decrease represents the largest plunge since the last major recession in 1981. Although revenue is down, the main driver of deficits is spending. Over the long term …
Massive increases of spending by the Obama Administration, from the stimulus to its proposed budget, have created historically unprecedented large deficits that will push the nation’s debt level to unsustainable levels. It was only a matter of time before the proponents of big government began their push to substantially increase …
The Heritage Foundation’s 2009 Federal Revenue and Spending Book of Charts is now available online. Please do keep it bookmarked for those times you need a good visual to refute liberal nonsense. For example: Liberal Myth: Bush’s Deficits Were Worse Than Obama’s. Reality: Obama’s Budget Would Create Unprecedented Deficits
Reuters reports: Recession Hurts Medicare and Social Security. The New York Times blares: Recession Drains Social Security and Medicare. And CNN follows suit: Recession Hits Social Security Hard. This spin all comes out of the Social Security and Medicare Boards of Trustees annual report which is signed by Obama Treasury …
