The fiscal cliff is a done-deal.
The math will win. It always does unless it is Obama math.
Selective memory is alive and well. Remember this?
"Obama in 2011: We can get $1.2 trillion in revenues without raising tax rate"
Here's the 4th grade math:
TOTAL SPENDING $3.603 trillion
2011 Federal Government’s spending:
$3,603,000,000,000.00 (3.603 trillion)
There are a million “millions” in a trillion or 1,000 millions in a billion
and 1,000 billions in a trillion. If you spent 1 million a day since 1AD you’d
have not spent a trillion.
MANDATORY SPENDING $2.073 Trillion FY2011
Entitlements:
Social Security…………………………………………………………………………$726
billion
Medicare……………………………………………………………………………………$480
billion
Medicaid……………………………………………………………………………………$275
billion
TARP & Other mandatory
programs…………………………………….$631
billion
Total………………………………………………………………………………………….$2,073
trillion
2011 Other Mandatory Spending includes: Food Stamps (47
million recipients) Unemployment Benefits (22.8% unemployment rate), Child
Nutrition Student Loans, Disability and Tax Credits.
INTEREST ON FEDERAL DEBT
$230 billion
Interest:…………………………………………………………………………………..$230 billion
DISCRETIONARY
SPENDING $1.3 trillion
Must be approved by Congress each year, breaks out into 2 key
areas: Security related Military Foreign Aid, Veteran
Services and non-security related (What we think of when we
think of the government, Agriculture, Commerce, Education, Justice, State,
Energy Treasury, Interior, Transportation, HHS, HUD, etc.)
Security:…………………………………………………………………………………..$700
billion
Nonsecurity……………………………………………………………………………..$462
billion
Total……………………………………………………………………………………….$1,300
trillion
GOVERNMENT INCOME TOTAL RECEIPTS $2.303 Trillion
Income (Government Revenues): $2,303,000,000,000.00 (2.303
trillion)
Mandatory Programs……………………………………………………………….$2.073
trillion
Interest……………………………………………………………………………………….$ 230
billion
Discretionary
Spending…………………………………………………………..$1,300
trillion
Total……………………………………………………………………………………………$3.603
trillion
Government “Balance” Sheet
Income………………………………………………………………………………………..$2.303
trillion
Total Spending………………………………………………………………………….$3.603
trillion
DEFICIT………………………………………………………………………………………$1.300
trillion
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