Consider just a few facts:
During 2011, the federal government brought in $2.3 trillion in taxes, while spending $3.6 trillion – for a deficit of nearly $1.3 trillion.
The Congressional Budget Office projects that in the next 70 years, public money spent on interest alone will grow to almost 41% of our GDP. Today, interest represents 1.4%. In just 20 years, it is estimated that interest on our debt will exceed the cost of the entire Social Security program.
Spending across all levels of government now totals a whopping 40% of our gross domestic product. If it had merely kept pace with population growth and inflation during the last 50 years, spending would total less than 25% of what it is today.
Unfortunately, little change is emanating from Washington. Rather than coming together to reduce spending, politicians from both parties shake hands under an implicit agreement of “I’ll vote for your spending if you vote for mine.”
From 1954 to 2010, Republicans controlled the White House for 34 years and Democrats for 22. Democrats controlled Congress for 44 years and Republicans for 12. Our long-standing spending spree has been enabled on a completely bipartisan basis.
The time has come to reject the profligate spending of the last decade, and commit to reining in and balancing the budget once and for all.