Spending during the Obama/Pelosi/Reid rule has increased 21.4 percent, according to the Congressional Budget Office report released last week, with unemployment benefits rising by 34.3 percent, to $160 billion.Spending for the year ending in September came in at $3.45 trillion, only eclipse by 2009's $3.52 trillion in the record books.
Who was the biggest "percentage-gain revenue winner" for 2010? The Federal Reserve.
Just...... wow.
The nearby table shows the increases in spending overall and in certain major categories over the last two fiscal years. You might call it the fiscal scorecard for the 111th Congress, and that's before the ObamaCare subsidies begin in earnest. (We've excluded TARP and deposit insurance to better capture the underlying spending trend.)
The 21.4% federal spending increase in two years ought to put to rest any debate about the nature of America's fiscal problem. The Pelosi Congress has used the recession as an excuse to send spending to record heights, and its economic policies have contributed to a lousy recovery. The solution is to stop the spending and change the policies. Polls open on November 2.
Details at Wall Street Journal.
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