August 14, 2000
Letters to the Editor
Taxes way up, growth rate in spending down.
Here are seven undeniable facts about the United States Government's financial picture.
1. Under Clinton, taxes have risen in excess of 41% (in inflation adjusted dollars) since he took office in1993. Under Reagan, taxes increased 14% in adjusted dollars during his 8 years in office.
2. Under Clinton, government spending has increased just over 8% (Republicans took control of Congress in 1995). Under Reagan, government spending grew by 18%. (Democrats controlled Congress.)
3. Despite claims of "surpluses," according to government estimates, the Federal Debt will grow to nearly $6 trillion (from its current $5.65 trillion) by 2004.
4. By the end of this year, the government will have spent the entire $2 trillion dollars they claim is reserved for Social Security and Medicare.
Under Clinton, just over $1 trillion dollars of the Social Security and Medicare trust funds have been spent to offset continuing deficit spending.
5. Government estimators admit that between now and 2004, the federal government will spent nearly $1 trillion dollars of SSI surpluses to offset increased spending and reduction in the publicly held portion of the debt.
6. By 2004, the federal government will owe "itself" $3 trillion dollars, equaling the entire sum of all the federal trust fund accounts, including Social Security and Medicare.
7. Since 1973, the U.S. government has doubled in size (after adjusting for inflation) as measured by its spending.
It is more than 14 times its size in 1940, growing at an average inflation-adjusted rate of 4.5% per year.
Michael Costello, Redmond