As I am writing this Congress appears to be about to pass and send to the President to sign, a "bailout" bill to help offset the financial effects of Covid-19. (The Senate has passed their version and it is moving to the House for a vote today) The total price tag is going to be in the neighborhood of $2,000,000,000,000 (two Trillion, with a "T"). That is over $5,500 for every man, woman, and child in the US that will have to be paid back at some point. I wanted to put the amount into perspective.
Did you realize that the TOTAL SPENDING of the federal government of the US did not equal or surpass $2 Trillion until 1990. That year the total expenditure was $2.08 Trillion.
Nine years later in 1999 the total expenditures of the federal government equaled or exceeded $3 Trillion for the first time with a total of $3.06 Trillion.
Only five years later in 2004 spending equaled or exceeded $4 Trillion for the first time (helped along by spending after 9-11). The spending that year was $4.15 Trillion.
In only four years - 2009 - we passed $5 Trillion for the first time at $5.36 Trillion dollars. This too was a "bail-out" for the financial crisis and beginning of the "Great Recession".
In three years - 2011 - we blew by $6 Trillion for the first time at $ 6.15 Trillion. This was partially due to the first full fiscal year of Obamacare.
Then we moderated a bit (if 6+ Trillion can ever be called "moderation"!!) and did not surpass 7 Trillion until 2018 at $7.23 Trillion in spending. (I cannot find a final figure for 2019 - I always try to find multiple sources that agree prior to posting a "fact")
Just a side note - for those of you that buy into the budget "cuts" that mostly Democrats blame on mostly Republicans - there has not been a year that spending has not increased since the mid-1990s (I actually think it is well before that but I have not looked as that is not really the subject of this post) EXCEPT for the period from 2012 - 2013. Spending went from $6.15 Trillion in 2011, to $6.13 in 2012, to $6.09 Trillion in 2013. One should note - this was in the Obama administration with a split Congress (1 chamber Dem, 1 chamber Rep) during those three years.
Now we are going to spend $2 Trillion on a spending package. I understand the need, I am just amazed at how little push-back or even questioning there is from anyone about spending $2 Trillion dollars!! Again, that is equal to the entire spending of the Federal government just 30 years ago!
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