CBO releases budget tallies for fiscal year 2010

Discussion in 'Economy' started by Trajan, Oct 12, 2010.

  1. Trajan
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    Trajan conscientia mille testes

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    well, heres the tale of the tape...I have highlighted what I consider some interesting points.

    I would take pains to point out , as I have several times in threads here already, "defense", comparatively, is not the bogeyman the Prog. street likes to make it out to be despite as the cbo report details the costs of closing one war out, ( hopefully) and have ramped up another etc. .

    And of course deficits under Reagan? Evil bad, horrific.....Now? Few, and certainly not I have ever , or would ever defend Bushs inability to veto a spending bill till congress changed hands, or reign rep. spending, I object to the selectivity.

    Read the numbers for yourself.


    As to why we felt we had to increase spending aside form stimulus etc. well, the the states have been doing same for years..the ones in the worst shape that is, they like you see here below ala the Feds have spent way ahead of population growth and inflation....and here we are.

    The answer lies in cutting across the board, everything takes a hit....NO SACRED COWS, it is the only way.I think the reps are right turn the clock back to the budget of 2007 and start from there.


    The 2010 Spending Record- In two years, a 21.4% increase.

    Perhaps you missed it, but then so did the Washington press corps. Late last week the Congressional Budget Office released its preliminary budget tallies for fiscal year 2010, and the news is that the U.S. government had another fabulous year—in spending your money. We didn't expect President Obama to hold a press conference, but why are Republicans so quiet?

    Spending rolled in for the year that ended September 30 at $3.45 trillion, second only to 2009's $3.52 trillion in the record books. But don't think this means Washington was relatively less spendthrift. CBO reports that the modest overall spending decline results from three one-time events.

    The costs of TARP declined by $262 billion from 2009 as banks repaid their bailout cash, payments to Fannie Mae and Freddie Mac were $51 billion lower (though still a $40 billion net loser for the taxpayer), and deposit insurance payments fell by $55 billion year over year. "Excluding those three programs, spending rose by about 9 percent in 2010, somewhat faster than in recent years," CBO says.

    Somewhat faster. You've got to laugh, or cry, when a 9% annual increase qualifies as only "somewhat faster" than normal.

    What did Washington spend more money on? Well, despite two wars, defense spending rose by 4.7% to $667 billion, down from an annual average increase of 8% from 2005 to 2009.

    Article cut short per our copyright policy of this board. (fyi-you can not copy and paste a full article, cut the article short, then link to the rest.)

    Review & Outlook: The 2010 Spending Record - WSJ.com
     

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  2. Trajan
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    Trajan conscientia mille testes

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    oops sorry...:redface:
     

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