Gov't Spending Shatters Postwar Records

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...rds_180113.htm

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"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.

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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

Gov't Spending Shatters Postwar Records

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