Government borrows 46 cents for every dollar we spend

K.E. Campbell
It should be big news, but in a world turned upside down it is not.  On Friday, the Washington Times reported that "the federal government borrowed 46 cents of every dollar it has spent so far in fiscal year 2013, which began Oct. 1." According to data from the Congressional Budget Office, during the first two months of the fiscal year the federal government spent $638 billion.  That's a whopping 14% increase over the first two months of last fiscal year, which itself was one of budgetary bloat.  The U.S. government is now spending an average of $10.45 billion per day or a staggering and stomach-turning $435.8 million per hour. Focusing on the borrowed portion alone, at that current burn rate the national debt is growing by $4.8 billion every day.  Put another way, the federal government is spending $200 million per hour "that is doesn't have - 24 hours a day, seven days a week, including Thanksgiving, Christmas and Ramadan."  As a point of reference,...(Read Full Post)

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