Why Should Christians Care About Economics, Part 3
By Jason, M.Ed., M.A.R., Headmaster
Government Spending = Government Control
At the end of August, the White House Office of Management and Budget (OMB) released revised estimates of government spending for the current fiscal year. The numbers show that the federal government will spend $30,958 per household. Where will they get this kind of money? $17,576 per household will come in taxes (paid mostly by the top 10% of US households) $13,392 per household will be borrowed, adding over $1.6 trillion to our national debt.
Looking at these same numbers another way, the federal government will increase spending by 22 percent this year. Isn’t everyone else cutting spending because we’re in a recession? Even more significantly, federal government spending will reach a peacetime-record 26 percent of the gross domestic product (GDP). Our federal government is spending more than ¼ of all of the wealth in America on its programs. This spending is not just temporary surge due to the recession, a “stimulus” for a troubled economy. President Obama has plans to keep annual spending $5,000 and $8,000 per household higher than it had been under President George W. Bush.