Guest
07-20-2009, 06:25 AM
And amount of government debt held by the public will have ballooned from $5.8 trillion to 8.5 trillion in less than a year spending.
http://www.nypost.com/seven/07192009/news/nationalnews/govt_spending_shatters_postwar_records_180113.htm
"That really tells you a lot about our current situation," said Tad DeHaven, a budget analyst for the libertarian Cato Institute.
"These massive deficits represent a burden that Washington is foisting onto the backs of future taxpayers. They also crowd out private investment and could eventually push interest rates higher and stoke inflation," he said.
Spending in recent years has been around 20 percent. But for 2009, government spending is forecast to be 28.1 percent of the GDP, a 34 percent increase from 2008 and the highest since 1945.
As a result of the record spending and mounting deficits and debt, some Democrats last week began to express concern about the potential cost of health-care reform
http://www.nypost.com/seven/07192009/news/nationalnews/govt_spending_shatters_postwar_records_180113.htm
"That really tells you a lot about our current situation," said Tad DeHaven, a budget analyst for the libertarian Cato Institute.
"These massive deficits represent a burden that Washington is foisting onto the backs of future taxpayers. They also crowd out private investment and could eventually push interest rates higher and stoke inflation," he said.
Spending in recent years has been around 20 percent. But for 2009, government spending is forecast to be 28.1 percent of the GDP, a 34 percent increase from 2008 and the highest since 1945.
As a result of the record spending and mounting deficits and debt, some Democrats last week began to express concern about the potential cost of health-care reform