Academic

GOVERNMENT SPENDING SHATTERS POSTWAR RECORDS. Adjusted for inflation, we?re spending more this year?

By Glenn Reynolds

GOVERNMENT SPENDING SHATTERS POSTWAR RECORDS. Adjusted for inflation, we’re spending more this year than we spent during World War II. ” Data published by the White House show federal spending has inched upward annually since 1965. But no other year comes close to matching 2009’s $3.997 trillion gusher — a spending binge that’s helped put Congress on track for a record $1.8 trillion deficit. . . . The $4 trillion that Congress may spend by Sept. 30, the end of the fiscal year, breaks down to a daily outlay of $11 billion every 24 hours. Congress is now spending about $3 trillion more than it did in 1945, at the end of World War II, once numbers are adjusted for inflation.” And yet members of Congress would be hard-pressed to tell you where the money’s going. This isn’t just undisciplined spending. It’s looting.

Full post as published by Instapundit.com on July 20, 2009 (boomark / email).