Federal Government Borrows 46 Cents For Every Dollar It Spends


While President Obama is out campaigning for higher taxes on a few people that won’t do anything about the national debt, the government is piling on the debt by borrowing 46 cents for every dollar it spends.

The federal government borrowed 46 cents of every dollar it has spent so far in fiscal year 2013, which began Oct. 1, according to the latest data the Congressional Budget Office released Friday.

The government notched a $172 billion deficit in November, and is already nearly $300 billion in the hole through the first two months of fiscal year 2013, underscoring just how deep the government’s budget problems are as lawmakers try to negotiate a year-end deal to avoid a budgetary “fiscal cliff.”

Higher spending on mandatory items such as Social Security, Medicare and interest on the debt led the way in boosting spending compared with the previous year, which also highlights the trouble spots Congress and President Obama are struggling to grapple with.

If you think he has any intention of cutting spending, think again. As Peggy Noonan pointed out, his plan is to continue growing the government, to whatever size he thinks it should be.

Suddenly it was obvious: The president doesn’t want to cut spending, he wants to increase it. He wants to raise taxes on the wealthy, as he defines them. He does not want the government to be smaller but bigger, or, as he’d probably put it, as big as it has to be.

His actions aren’t only about politics—”crush the foe.” He’s happy to crush the foe, and would see the long-term political benefit in it, but it’s not his primary motive. And it’s not about economics per se—he knows raising taxes on the rich will not solve our fiscal problems. He’s seen, as he likes to say, the math.

What is motivating him primarily is ideology. And an ideological opening. He doesn’t like the malefactors of great wealth. He wants to “spread the wealth around,” as he told “Joe the Plumber” in Ohio in 2008. His ideological and political affinities are with those he defines as the needy, and his answer to them is to see they are the focus of greater public spending. Period.

His language is bland because his stand is not. He doesn’t want to startle people with clarity. When he was clear with Joe the Plumber, it got him in trouble because a lot of voters didn’t really want what they called redistributionism, which sounds to them like endless high taxing, high spending and no way out.

Four more years of this. Heaven help us.

Update: Linked by Big Pulpit – thanks!