Diary

A New Era of Irresponsibility: FY 2010-2019 Budget

Here is the sorted tale of “A New Era of Irresponsibility.” Enjoy your future, it’s gonna cost.

Deficit:

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Mandatory Spending:

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Taxes:

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Discretionary Spending:

Discretionary Spending Continued:

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In summary we have a national debt projected to climb to an $6,969,000,000,000 over 10 years, in addition to the $10,840,000,000,000 of existing debt. Just a sidebar, this is a topic I very rarely hear the administration or Congress speak about.

Social Security spending rising from $662 billion in 2009 to $1.14 trillion by 2019. Medicaid spending is getting somewhat under control, rising from $209 billion in 2009 to $468 billion by 2019, total spending $3.5 trillion. However, this article from the Centers for Medicaid and Medicare Services tells a little different story. Medicare spending rises from $425 billion in 2009 to $872 billion in 2019, total spending is $6.4 trillion.

Income taxes rise from $958 billion in 2009 to $2.15 trillion in 2019. Social Security payroll taxation rises from $662 billion in 2009 to $1.05 trillion in 2019. Medicaid payroll taxation rises from $191 billion in 2009 to $308 billion in 2019.

(Sarcasm on.) I see a lot of fiscal restraint, lower taxes, and pragmatism in this 10 year budget projection. We have such a wonderful future ahead of us and I am now sorry I didn’t vote for the President. (Sarcasm off.)

Cross posted at Politics and Critical Thinking.