
Shhh….The nation is in a record fiscal crisis
Shhhh. The nation is in a record fiscal crisis: Gas and other energy prices are high. Illegal immigration still runs rampant. The wars in Iraq and Afghanistan drag on. The economy is in doldrums. And, the federal government is in a record fiscal crisis. You probably already knew the first 4 of these 5 major problems facing America today. But you probably did not know the last one. That is because a bipartisan group of spenders, most of whom are in leadership of their respective parties, don’t want you to rain on their spending parade. But here are the facts:
This week we learned that the federal deficit for the first 8 months of this fiscal year has reached $317 billion. If you project that out for the rest of the year, that would lead us to a $476 billion for the full year. Nearly half a trillion dollars! That would make 2008 the largest deficit in the history of the nation easily eclipsing the prior record in 2004. This week, the appropriations committee released their spending plans for the next fiscal year, which begins October 1st. They have proposed to spend $72 billion more than last year for a 7.7% increase in non-entitlement spending. You … Read More