According to the White House's 2011 budget we'll be spending $3,834,000,000,000 (3.8 Trillion), and are taking in $2,567,000,000,000 (2.5 Trillion). That's 1.267 Trillion in deficit for 2011. According to the projections, we will run a deficit through at least 2020.
See chart here (page 7 is the one I've been studying, other pages are just as interesting)...
http://www.whitehouse.gov/omb/budget/fy2011/assets/tables.pdf
Interesting points...
2017, Social Security expenses exceed $1 billion.
2018, receive at least $1 billion in Social Security taxes.
Allowance for Health Reform... odd variances between outlays and receipts through 2020.
2009 - 2020, Security spending increases 22%
2009 - 2020, Social Security spending increases 77%
2009 - 2020, Total spending increases 62%
2009 - 2020, Total tax receipt increases 123%
2009 - 2020, Individual Income tax receipt increases 160%
Are we planning to downsize our military??? Only 22% increase in projected spending over the next 10 years? ...versus, a total tax increase of 123%???? Looks like our defense will be lacking.
From page 2... This is scary!
- Debt held by the public increases from 2009 - 2020 from $7.545 trillion to $18, 573 trillion!!!! That's an increase of 146%
- Yet, the Gross Domestic Product (GDP) increases from 2009 - 2020 from $14, 237 trillion to $24,067 trillion! That's an increase of ONLY 69%
This is a GLOOMY forecast!!!!
