Daily Archives: October 18, 2012
If you’re wondering what “unsustainable” looks like, here’s a great example.
In the wake of the Treasury Department’s newly released summary of federal spending for 2012, it’s now possible to detail just how profligate the Obama years have been. Here’s the upshot: Under Obama, for every $7 we’ve had, we’ve spent nearly $11 (or, to be more exact, $10.95). That’s like a family that makes $70,000 a year — and is already knee-deep in debt — blowing nearly $110,000 a year.
If you are further wondering why Democrats are so keen on raising taxes, this helps explain that.
In other unsustainable news:
The government spent approximately $1.03 trillion on 83 means-tested federal welfare programs in fiscal year 2011 alone — a price tag that makes welfare that year the government’s largest expenditure, according to new data released by the Republican side of the Senate Budget Committee.
The total sum taxpayers spent on federal welfare programs was derived from a new Congressional Research Service (CRS) report on federal welfare spending — which topped out at $745.84 billion for fiscal year 2011 — combined with an analysis from the Republican Senate Budget Committee staff of state spending on federal welfare programs (based on “The Oxford Handbook of State and Local Government Finance”), which reached $282.7 billion in fiscal year 2011.
Business as usual.
Oh, and the jobless numbers look lovely this week too.
The following US economic statistics were announced today:
The general business conditions index of the Philadelphia Fed’s Business Outlook Survey improved to 5.7, up 8 points from last month’s –1.9.
After last week’s huge initially reported 30,000 drop, initial jobless claims rose 46,000 to 388,000, while the 4-week average rose 1000 to 365,500. Continuing claims fell 29,000 to 3.276 million.
The Bloomberg Consumer Comfort Index rose 1 point to –34.8.
The Conference Board’s index of leading indicators in September rose a sharp 0.6% for September.