By the Left Coast Rebel
This is so simple that even an economic-illiterate liberal (one and the same) could understand:
U.S. Tax revenue: $2,170,000,000,000
Federal budget: $3,820,000,000,000
New debt: $1,650,000,000,000
National debt: $14,271,000,000,000
Recent budget cut: $38,500,000,000
Now remove 8 zeros and pretend it's a Household Budget:
Annual family income: $21,700
Money the family spent: $38,200
New debt on the credit card: $16,500
Current outstanding balance on the credit card: $142,710
Total Household Budget cuts: $385
Please pass this along, this is one of the best examples of just how ludicrous the budget debate in this country is.
On a related topic, I just caught a post by Dan Mitchell at the Cato Institute. Dan writes of the War on Poverty and empirical proof that the so-called War on Poverty dramatically put the brakes on a several-decade-long precipitous drop in the poverty rate.
Excerpts and a chart:
The Census Bureau has just released the 2010 poverty numbers, and the new data is terrible.
There are now a record number of poor people in America, and the poverty rate has jumped to 15.1 percent.
What’s really striking, if we look at the chart, is that the poverty rate in America was steadily declining. But then, once President Lyndon Johnson started a “War on Poverty,” that progress came to a halt.
As I’ve explained before, the so-called War on Poverty has undermined economic progress by trapping people in lives of dependency. And this certainly is consistent with the data in the chart, which show that the poverty rate no longer is falling and instead bumps around between 12 percent and 15 percent.
This is bad news for poor people, of course, but it’s also bad news for taxpayers. The federal government, which shouldn’t have any role in the field of income redistribution, has squandered trillions of dollars on dozens of means-tested programs. And they’ve arguably made matters worse.
Dan Mitchell is right to note that the erroneously-labeled War on Poverty has achieved the opposite of its purported intent and purpose. This, without fail, is the end result of every single big-government program ever devised. But, with the left, (and the republicans that appease them, such as George W. Bush's "compassionate conservatism") it's always only, "the intentions that count."
I think a government that locks giant swaths of our population into permanent subsistence and dependency, smothering the identity of generations of souls capable of more than they will ever know is the height of evil and a form of slavery.
The War on Poverty is also a large contributor to the bankrupting federal balance sheet noted at the top of this post.
Related: At Memeorandum, "A Blue-State Bailout in Disguise"