National Debt

In the wake of the Treasury Department’s newly released summary of federal spending for 2012, it’s now possible to detail just how bad government spending has been.  Here’s the upshot:  For every $7 we had, we spent nearly $11 (or, to be more exact, $10.95).  That’s like a family that makes $70,000 a year — and is already knee-deep in debt — blowing nearly $110,000 a year.

In fiscal year 2012 (which ended on September 30), the federal government acquired $2.449 trillion in tax revenue and other receipts.  It spent $3.538 trillion — 44 percent more than it had available to spend.  The resulting deficit was $1.089 trillion.

In fiscal year 2011, the federal government acquired $2.303 trillion in tax revenues and other receipts.  It spent $3.603 trillion — 56 percent more than it had available to spend.  The resulting deficit was $1.3 trillion.

In fiscal year 2010, the federal government acquired $2.163 trillion in tax revenues and other receipts.  It spent $3.456 trillion — 60 percent more than it had available to spend.  The resulting deficit was $1.293 trillion.

Our national debt is now over $16 trillion and I suspect that when the cost of the new national health card law kicks in will grow even larger.  We simply cannot afford larger government.  Our country is on the verge of bankruptcy.