Read the Beforeitsnews.com story here. Advertise at Before It's News here.

By The Left, Watch What They Do
Contributor profile | More stories

Story Views
Now:
Last hour:
Last 24 hours:
Total:

The Phantom Debt That No One Will Talk About

Friday, February 7, 2014 14:19

% of readers think this story is Fact. Add your two cents.

This is a chart I put together to illustrate the total government spending both Federal and State/Local. Notice that State and Local spending are about as much as Federal spending. All of our governments spend annually $6 Trillion.

In 2013 the Federal and all States/Local governments collected in tax revenue an estimated $4 Trillion.

In 2013 the Federal and all States/Local governments spent $6 Trillion (as indicated in the chart).

This leaves a combined Federal and State/local deficit of nearly $2 Trillion for 2013 and this has been going on since the 2008-9 market crash. Everyone talks about the Federal deficit but ignores the combined State/Local deficits.

Things are getting a little better for some states but ObamaCare can be the fly in the ointment that could send all of our states and local governments into a fiscal tailspin.

As our economy continues to bump along at a weak 2% to 3.5% GDP, anything can happen as the phantom debt accumulated by State and Local governments continues to mount. – N.P.Contompasis

2012 2013 2014

Federal Spending $3.5 $ 3.5 $ 3.8

State Spending $1.5 $ 1.5 $ 1.5

Local Spending $1.7 $ 1.7 $ 1.7

IntergovSpending $ -0.5 $-0.6 $-0.6

Total Spending $6.1 $ 6.1 $ 6.4

*All dollar amounts in rounded Trillion dollars.

Source: http://shutking.blogspot.com/2014/02/the-phantom-debt-that-no-one-will-talk.html

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).

Comments

Online:
Visits:	1,604,161,341
Stories:	8,152,316