During this week’s GOP presidential debate, Michele Bachmann twice said the federal government is spending about “40 percent more” than what it takes in. If only we were in such good shape. The federal government has actually been spending about 75 percent more than what it takes in. For every $4 the government brought in during fiscal year 2011, it spent that plus another $3, for a total of $7 plus change — according to President Barack Obama’s own budgetary tables for fiscal year 2011.
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By:
John Kendrick
07/13/11 8:36 PM
The federal government owns more than $3 trillion worth of assets. Many assets are underutilized or completely unused and would be more productive if shifted to private hands. Selling even a portion of these assets would greatly reduce the borrowing necessary to keep the government running.
A good place to start would be federal land. The federal government owns about 650 million acres of land, or nearly one-third of the entire country.
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Anybody who thought President Barack Obama would step up and provide genuine leadership on the issue large majorities of Americans worry most about — the federal government’s out-of-control spending, including its $14.3 trillion national debt — must have been bitterly disappointed by his address at George Washington University.
There were a multitude of flaws in this speech, but let’s focus on two.
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The 7½-year itch. The government’s unrelenting attempt to convict Barry Bonds begins once again next month, yet another form of March Madness.
According to the best reports, the feds are now into taxpayers for $6 million in trying to prove Barry is guilty of perjury and obstruction of justice. And they’ll be spending a great deal more.
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WHAT: The federal government said it needs to check more than 1 billion new $100 bills because of production glitches.THE PROBLEM: The slew of holograms and high-tech anti-counterfeiting features on the new bills caused the paper to fold on the presses, leaving blank spaces and unwanted creases.
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URL: http://www.sfexaminer.com/topics/federal-government
