The nature of America's fiscal problem

In two years, a 21.4% increase


Late last week the Congressional Budget Office released its preliminary budget tallies for fiscal year 2010, and the news is that the U.S. government had another fabulous year—in spending your money. We didn't expect President Obama to hold a press conference, but why are Republicans so quiet?

Spending rolled in for the year that ended September 30 at $3.45 trillion, second only to 2009's $3.52 trillion in the record books. But don't think this means Washington was relatively less spendthrift. CBO reports that the modest overall spending decline results from three one-time events.

Comment: This WSJ article with accompanying chart is a worthwhile read. We are about ready to tip over to a 2nd rate nation because of this kind of spending!

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