So what has all the massive government spending under Obama brought?

The administration’s budget projections were released last Friday afternoon. Remind you these are the administration's estimates. This is what a $862 billion stimulus, supplemental spending bills, a massive health care bill, government taking over the student loan industry (after all government is so efficient and getting rid of those nasty incentive inducing profits will lower costs (sure)), etc.. E21 has gone through some of the numbers here:

The budget deficit in 2010 is expected to set a record at $1.471 trillion – or 10% of GDP. In 2011, the administration projects the deficit will again top $1.4 trillion. From 2010 to 2020, the Obama budget plan would run up a cumulative deficit of nearly $10 trillion, and the nation’s debt would reach $18.5 trillion in 2020, up from $5.8 trillion at the end of 2008. . . .

The primary problem is quite plainly out of control federal spending. In 2008, total federal outlays were about $2.9 trillion. President Obama wants to add $1 trillion to that total in 2011, or about a 33% expansion of governmental activity in just three years. And that’s just the beginning of it. By the end of the decade, federal outlays would reach $5.6 trillion, nearly double what they were a little more than a decade earlier, and that’s assuming a massive and speculative peace dividend after 2011 and cuts in domestic discretionary programs that the president has yet to identify. . . .

In that report, CBO found that a massive tax hike is already in the offing. Historically, federal taxes have hovered at around 18 to 19% of GDP. CBO expects that number to rise to 23% of GDP by 2035, even if nothing is done to change current law. Income taxes will begin to rise automatically next year if Congress lets tax rates revert to their pre-Bush levels. . . .

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