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Federal Budget Gee Whiz Facts

FY2011 will see $2.57T (T=trillion) in revenues and $3.83T in expenses, for a deficit of $1.27T ... added to a public debt that already sits at $10.5T. Revenue contributions are roughly 55% personal income tax, 15% corporate income tax, 25% social security withholding, and 5% all else. Would you run you personal budget in this reckless manner? Present forecasts show the public debt doubling to $20T by 2015!

“In total, the surpluses we enjoyed at the start of the last decade have disappeared; instead, we are $12 trillion deeper in debt. In the long term, we cannot have sustainable and durable economic growth without getting our fiscal house in order.” (Pres. Obama budget message for FY2011)

The U.S. government has a way with semantics, changing the mantra of “global war on terror” to “overseas contingency operations.” Either way, any war on terror produces an endless conflict, with the presence of military troops in Muslim countries accomplishing little more than increasing violent anti-Americanism and easy terrorist recruitment.

The National Park Service budget of $3B represents less than 0.1% of the federal budget, with the total number of employees only 2/3rds that of the troop increase of 30,000 for Afghanistan. Our government´s sense of values has become an abomination, with the cost of defense spending out of control.

Congressional budget-cutters spared the $440,000 spent annually to have attendants push buttons on the fully automated Capitol Hill elevators.

Repealing the deduction for “tertiary injectants” will save $5B for FY2011. Whoop-de-doo. That represents over double the paltry budget of $2.3B for alternative energy development. At least the government plans to spend $95B on medical research, a very important investment, even though only 2.5% of the overall federal budget.

The U.S. Navy only spends 0.01% (1 part in 10,000) of its $150B annual budget on “marine mammal mitigation,” even though its planned training operations off the Atlantic coast using mid-frequency sonar may harm up to 2,000,000 marine creatures each year for the next five years.

"Having spent a fortune bailing out their banks, Western governments will have to pay a price in terms of higher taxes to meet the interest on that debt. In the case of countries (like Britain and America) that have trade as well as budget deficits, those higher taxes will be needed to meet the claims of foreign creditors. Given the political implications of such austerity, the temptation will be to default by stealth, by letting their currencies depreciate.” (the Economist magazine)