Saturday, July 31, 2010

Significant numbers

Numbers worth thinking about:

In 2009, this administration increased discretionary spending by 34% and overall Federal spending by 17%. In 2010 overall Federal spending is projected to increase another 9%.

The administration's projections, including a $1.4 TRILLION deficit this year, are based on projected annual GDP growth rates of 3.5 to 4.5%. The actual rate has declined to 2.4%, so tax revenues will be much lower and hence the the budget deficits will be much higher than projected by the administration.

It's hard to get an accurate estimate of the Federal workforce, because so many of them are off-budget. But the best available estimate is that the Federal government has hired about half a million new Federal workers and contractors since the recession began.