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SNIP:
posted at 6:01 pm on July 13, 2012 by Dustin Siggins
Note: This op-ed was done in tandem with David Weinberger, who previously worked in communications at The Heritage Foundation and currently blogs near the Twin Cities in Minnesota. All data for the calculations cited below were based off of OMB and CBO public data gathered by the Center for Budget & Policy Priorities (CBPP) and can be seen at a spreadsheet here. Special thanks go to Patrick Tyrrell and William Beach of Heritage and Richard Kogen and Kathy Ruffing of CBPP for assistance with inflation adjustments and other critical components of the calculations.
With Senate Majority Leader Reids (D-NV) decision on Tuesday to not pass a budget for the third straight fiscal year, the Washington game of fiscal chickenthis time over $19 billionis in full swing once again. To provide perspective, this is less than one-half of one-percent of the 2012 budget and less than 1.5% of this years expected deficit. Its also about one-eighth of one percent of our national debt.
While politicians bicker, Rome burns and the budget grows. While some pundits blame Obama, and others blame Bush, and still others blame everyone in the Beltway, the fact is neither president or party has instituted the wisest fiscal policy. Still, the increase in spending under both has not been driven principally by new spending initiatives. It has instead been driven by the increasing number of retirees and resulting growth of social spending and especially Social Security and Medicare.
Using publicly available data, we found figures on federal spending from 2000 through 2013 (2012 and 2013 spending is estimated, of course). Our inflation-adjusted calculations using constant 2010 dollars related to the growth of Social Security and Medicare, based upon that data, can be seen in this chart:
Here are some highlights:
the rest here
Who’s most to blame for the coming fiscal collapse of America? « Hot Air
SNIP:
posted at 6:01 pm on July 13, 2012 by Dustin Siggins
Note: This op-ed was done in tandem with David Weinberger, who previously worked in communications at The Heritage Foundation and currently blogs near the Twin Cities in Minnesota. All data for the calculations cited below were based off of OMB and CBO public data gathered by the Center for Budget & Policy Priorities (CBPP) and can be seen at a spreadsheet here. Special thanks go to Patrick Tyrrell and William Beach of Heritage and Richard Kogen and Kathy Ruffing of CBPP for assistance with inflation adjustments and other critical components of the calculations.
With Senate Majority Leader Reids (D-NV) decision on Tuesday to not pass a budget for the third straight fiscal year, the Washington game of fiscal chickenthis time over $19 billionis in full swing once again. To provide perspective, this is less than one-half of one-percent of the 2012 budget and less than 1.5% of this years expected deficit. Its also about one-eighth of one percent of our national debt.
While politicians bicker, Rome burns and the budget grows. While some pundits blame Obama, and others blame Bush, and still others blame everyone in the Beltway, the fact is neither president or party has instituted the wisest fiscal policy. Still, the increase in spending under both has not been driven principally by new spending initiatives. It has instead been driven by the increasing number of retirees and resulting growth of social spending and especially Social Security and Medicare.
Using publicly available data, we found figures on federal spending from 2000 through 2013 (2012 and 2013 spending is estimated, of course). Our inflation-adjusted calculations using constant 2010 dollars related to the growth of Social Security and Medicare, based upon that data, can be seen in this chart:
Here are some highlights:
the rest here
Who’s most to blame for the coming fiscal collapse of America? « Hot Air
