Posts Tagged ‘national debt’

Quick Financial Disaster Update

October 17, 2009

The GAO has released a report on fiscal year 2009 with projections for the future that indicate mandatory spending (Social Security, Medicare, Medicaid, and interest on the national debt) by itself may exceed total government revenue by around the year 2020.  At that point, all other government spending – military, education, transportation, etc. – will require borrowing.

If that doesn’t depress/anger you enough, here’s a lovely animation on employment gains and losses over the last five years.

Update: If you need a little cheering up, here’s a nice little article on a recent economics Nobel laureate whose research shows how local solutions are usually better than national or international ones.

Line By Line …

August 19, 2009

“What I’ve done throughout this campaign is to propose a net spending cut… I want to go through the federal budget line by line…”

— Barack Obama, 10/15/2008

gunzip's Obama spending graph