WASHINGTON, D.C. – Do you hear that incessant sucking sound? That’s the federal government vacuuming up the future earnings of you, your kids, and your grandchildren by spending money we don’t have at an unprecedented rate. For all the increases in tax revenues over the last two years since the broad-based tax cuts, the addiction to spending other people’s money is has just gotten more fiendish.
From CNS News (emphasis added):
“The federal government spent $2,573,708,000,000 in the first seven months of fiscal 2019 (October through April), setting an all-time record for real federal spending in the first seven months of a fiscal year, according to data published in the Monthly Treasury Statements.
Prior to this fiscal year, the most that the federal government had ever spent in the first seven months of a fiscal year was in fiscal 2011, when it spent $2,476,257,690,000 in constant April 2019 dollars (adjusted using the Bureau of Labor Statistics inflation calculator). […]”
That’s nearly $2.6 TRILLION spent in just seven months. The spending splurge will set up the federal government for a $1 TRILLION deficit in 2019, adding to the already monstrous $23 TRILLION national debt.
To be sure, the economy has been booming since President Trump took the White House: Unemployment is at historic lows, GDP is popping, and wages are even starting to increase. However, it is during good times, and the revenue pops that come with increased economic activity, that the federal government should actually be reigning spending in, not stepping on the gas. After all, what follows the good times?
While we all wish economic expansion could roll on forever, the reality is that booms such as this are usually followed by busts that, in a perverted way, inspire politicians to spend even more of taxpayers’ money to ‘rescue’ the economy. Remember the bank bail outs? The auto bail outs? The near-trillion dollar stimulus plan? Make no mistake, the next economic downtown we have will be followed by more calls for gargantuan spending programs that will bury us even deeper in debt.
As the campaigning for 2020 heats up, pay attention to how little attention is paid to the issue of profligate spending in the Swamp. It’s high time we demand politicians stop the growth of government before it’s too late. It maybe too late already.
Read more here.
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