From Townhall (reformatted & my emphasis):
- This fiscal year’s budget deficit = $1.5 trillion (largest evah!)
- Unemployment = still 9 to 10 percent
- Total government debt => more than $14 trillion "Experts say it will continue to rise exponentially unless President Obama’s over-the-top spending policies are substantially curtailed."
- "The ten-year deficit is actually $13.6 trillion, and annual deficits never fall below $1 trillion."
- $1.9 trillion annual deficits in 10 years (if no changes)
- Debt will hit nearly $25 trillion, or 104 percent" of the economy’s entire GDP
- Tax revenues (historically 18.0 percent of GDP) are set to climb to 18.4 percent by 2021 — even if all tax cuts are extended.
- Federal spending (historically 20.3 percent of GDP) is projected to soar to 26.4 percent by 2021.
- Since 2001, federal spending per household has expanded $21,510 to $31,206 (adjusted for inflation).
- Problem? Entitlements: from 2008 to 2021, the annual cost of Social Security, Medicare, and Medicaid: from $1.2 trillion to $2.2 trillion (adjusted for inflation)."
- Letting the tax cuts expire for those earning more than $250,000 would close just 5 percent of the budget deficit over the next decade. The $736 billion price tag is a fraction of the $21 trillion cost of Social Security, Medicare and Medicaid" over the coming decade.
- Between 2009 and 2021, the national debt would increase by $150,000 per household.
Net interest alone on the total debt would cost an astounding $1 trillion in 2021, or nearly one-half of all income tax revenues.
