Government Math

Economic Report of the President ^ | US Government

[publiusF27]

The Economic Report of the President is an annual report written by the Chairman of the Council of Economic Advisors. It overviews the nation's economic progress using text and extensive data appendices.

[publiusF27]

With the Bush administration drawing to a close and 2008 budget projections in the books, it is now possible to examine the growth in government spending under the Clinton and Bush administrations.

From 1993 to 2000, total spending grew from $1,409,500,000,000 to $1,789,200,000,000, and increase of about $380 billion. Total spending fell from 21.4% of GDP to 18.4% during that same time.

From 2001 to 2008 (if we are to believe the estimate) total spending will have grown from $1,863,200,000,000 to $2,901,900,000,000, an increase of a little over a trillion dollars. Total spending went from 18.5% of GDP in 2001 to an estimated 20% in 2008.

I just brought home a nice commission check, and my estimated tax payment gobbled it whole! Grrrr.

[Cedar]

Interesting article.

And yes, not much left after taxes for anyone nowadays.

[publiusF27]

I don’t think we’re really getting our three trillion dollar’s worth this year. I just went through “security” at TPA. What a joke. My composite plastic dagger would have made it through easily if I had chosen to bring it along.

OTOH, maybe I shouldn’t complain. What if they actually gave us three trillion dollars worth of government every year? It would probably shut down the entire productive sector of the economy, and the only jobs left would be for bureaucrats.

[publiusF27]

Did you know that if government spending were reduced to the level that existed at the end of Clinton’s term, we could eliminate the individual income tax entirely?

That’s right. The individual income tax takes in about a trillion dollars per year, almost exactly the amount by which spending has grown since Clinton left office.