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Neither Party Is Serious About Spending
Michael Tanner, National Review
For all those who think that our deficit is caused by a dearth of revenue, consider this thought experiment. In 2012, the federal government will spend $3.56 trillion. Last week's Powerball jackpot was a reported $587.5 million, the largest winning Powerball payout ever. In order to finance current spending, the federal government would have to hit that jackpot 6,570 times.As recently as fiscal year 2001, President Clinton's last budget, federal spending amounted to just $1.9 trillion. If spending since 2000 had simply increased at the rate of inflation plus population growth,...http://www.realclearpolitics.com/articles/2012/12/06/neither_party_is_serious_about_spending_116346.html
For all those who think that our deficit is caused by a dearth of revenue, consider this thought experiment. In 2012, the federal government will spend $3.56 trillion. Last week's Powerball jackpot was a reported $587.5 million, the largest winning Powerball payout ever. In order to finance current spending, the federal government would have to hit that jackpot 6,570 times.As recently as fiscal year 2001, President Clinton's last budget, federal spending amounted to just $1.9 trillion. If spending since 2000 had simply increased at the rate of inflation plus population growth,...http://www.realclearpolitics.com/articles/2012/12/06/neither_party_is_serious_about_spending_116346.html
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