For the third consecutive fiscal year, the federal government’s deficit spending has topped the $1 trillion mark.
According to the U.S. Treasury Department, deficit spending for fiscal year 2011 (which began on October 1) currently stands at $1.1 trillion. In the previous fiscal year, Washington politicians spent $1.29 trillion they didn’t have – on top of $1.41 trillion in deficit spending the previous year.
That’s a total of $3.8 trillion in deficit spending in less than three years … and based on the recent “debt dereliction deal” passed by Barack Obama and Congressional leaders, you can pencil in another $2.4 trillion in deficit spending over the next seventeen months.
Amazing isn’t it? Five years ago the annual deficit was just $160 billion. Ten years ago, there was a surplus.
So … what happened? First of all, Republicans led by former President George W. Bush forgot that they were supposed to be for “limited government.” Then, Democrats led by Nancy Pelosi (and more recently, Obama) remembered that they’re nothing but a bunch of socialists at heart.
Of course what’s truly amazing is that it took this long for somebody to finally blow the whistle on this nonsense …