Tuesday, August 25, 2009

Spend, Tax, and Borrow

Sobering stats: this year the federal government will:
  • spend $30,958 per household
  • tax $17,576 per household
  • borrow $13,392 per household
Federal spending, in particular, will
  • be increased by 22%
  • account for 26% of the gross domestic product (GDP)
By 2019, we'll be spending almost $800 billion just to pay net interest on our debt.

And none of these estimates include the cost of health-care reform!