The bloggers at Common Sense Thinkers are a group of mature, fiscally conservative and socially compassionate Americans who believe in America, the capitalist system, and are generally folks who “cling to our guns and religion.” Our opinions and comments on the events of the world we live in are the simple application of common sense.
Thursday, October 18, 2012
The 7-11 President
Excellent article from the Weekly Standard. The real question is, would you hire Obama to run a 7-11? I submit he is not actually qualified for that job either! Willie P
In the wake of the Treasury Department’s newly released summary of federal spending for 2012, it’s now possible to detail just how profligate the Obama years have been. Here’s the upshot: Under Obama, for every $7 we’ve had, we’ve spent nearly $11 (or, to be more exact, $10.95). That’s like a family that makes $70,000 a year — and is already knee-deep in debt — blowing nearly $110,000 a year.
To illustrate this a bit differently, for every Jackson ($20) we’ve had available to spend under Obama, we’ve also borrowed a Hamilton ($10) and a Washington ($1) and spent those too. The only thing is that, under Obama, we’ve (literally) spent the equivalent of 342 billion Jacksons, 342 billion Hamiltons, and 342 billion Washingtons — borrowing all of the Hamiltons and Washingtons.
Let’s take a look at the scorecard, based on official government figures. In fiscal year 2012 (which ended on September 30), the federal government acquired $2.449 trillion in tax revenue and other receipts. It spent $3.538 trillion — 44 percent more than it had available to spend. The resulting deficit was $1.089 trillion.