Thursday, October 8, 2009

The Largest Theft In History

Say what you will about the U.S. Federal Govt, it does things in a big way.
CBO estimates that the federal budget deficit was about $1.4 trillion in fiscal year 2009, $950 billion greater than the shortfall recorded in 2008.
[CBO Monthly Budget Review. (pdf warning) Hat tip Veronique de Rugy at NRO's The Corner.]

Ok, I'll drink the utilitarian Kool-Aid for a moment (making sure to have the antidote ready at hand). What did we get for that money? I know that if I list the answers I'll have a stroke, so it's left to the reader as an exercise.

Hint: Here are two of the chief villains:
"Almost half of the spending increase—$245 billion—resulted from outlays for the Troubled Asset Relief Program (TARP) and net payments to Fannie Mae and Freddie Mac. In addition, CBO estimates that spending increases and revenue reductions stemming from the American Recovery and Reinvestment Act of 2009 (ARRA) totaled almost $200 billion this year (excluding the impact on the budget from ARRA’s effects on the economy).

1 comment:

Ted Amadeus said...

Ah, handouts to high-end losers, IOW.