Since FDR’s New Deal, America’s entitlements have consistently grown faster than projected in size, scope and costs. Like unwanted house guests, they cost money that we don’t have and they can’t be kicked out.
Between 1934 the first fiscal year in which FDR and Congressional Democrats had full control of the federal budget, FDR never spent more than 12% of Gross Domestic Product.
Compare that to today, Hoax & Chains will spend 25.4% of GDP this year, 25.1% in 2011 and 23.2% in 2012
In January the CBO released a detailed report on the nations budgetary outlook covering the period from 2010-2020
Key Findings Include:
$6 Trillion Dollars in additional Deficit Spending–$1.35 Trillion that we will see this year;
By the end of 2020 public debt is expected to be 67% of GDP;
Interest payments to service Obama’s Budget Deficits will skyrocket;
Annual spending on interest will triple;
More here and here from Reason Magazine
Related: Drowning in Debt: Obama Quadruples Federal Budget Deficit
The Trouble With Bonds Via Agora Vox.com
Bad News for Obama, CNN Weekend Survey Results