The federal budget is going out of control and as I mention before Bush is not helping the problem by not vetoing many of the spending bills that cross his desk - again, if not for the tax cuts our economy would be in a world of hurt - i.e. it still can happen is the cuts are not extended and the liberal socialists get into office.
This following is from the Heritage Foundation -
Federal budget chart book
Yesterday, Heritage released its latest Federal Revenue and Spending: A Book of Charts, which explains in graphical form the fiscal problems our nation’s government faces. The charts detail everything from the entitlement crunch to tax rates to the number of presidential vetoes.
Rob Bluey, who directs Heritage’s Center for Media and Public Policy, points out three charts that deserve particular attention.
Anyone who follows the debate over congressional earmarks probably heard that the Pig Book shrunk in size this year. That’s because earmarks are down significantly thanks to a moratorium in Congress. Will it last? That’s a question only the Democrats can answer. Republicans certainly couldn’t hold back — particularly during the Bush presidency.
It’s no secret the tax burden on individuals will spike sharply in just a few years — even if Bush’s tax cuts are extended. But did you know the United States is on course to exceed the highest tax burden in history in just about 10 years?
The chart that surprised me most highlights defense spending as percentage of GDP — an issue I recently noted in the context of former Sen. Jim Talent’s National Review cover story.
Despite the cost of the Iraq War, our defense spending today is below the 45-year historical average and falls significantly short of Cold War and Vietnam War levels.
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