Posted by
steven anderson on Thursday, February 12, 2009 7:45:03 PM
In the 1956-1958 budget cycle, the total federal budget outlay was just under 70billion. For that cycle we had massive spending on the interstate highway system, development of spy planes, research, new defense systems to match the Soviet Union in the cold was arms race, and the government revenues exceeded expenditures during this period.
Now the State Of California for budget year 2008 had a total outlay of 103 billion, or 33 billion more than it cost to run the entire country in 1956. California is facing a budget deficit of nearly 30 billion. Or a deficit nearly half of what was the total federal outlay for 1956.
I picked the 1956-1958 period, because that was the time of my birth. When my oldest son was born in 1981, the total federal budget outlay was 678 billion. In just 25 years the government increased its spending from 70 billion to 678 billion with a staggering amount of debt on top of the budget numbers. 16 of those 25 years were under Democratic presidents.
Now my son is 27, and he will see in one piece of legislation, the first legislation under Obama, more spending in one bill, than was spent to run the entire country the year he was born.
The debt will come due for my grandchildren. It is they who will pay the price for this fiscal decision.