Washington will spend $31,406 per household this year
Taxpayers filing their 1040s are likely wondering just where all their hard-earned tax dollars are going, anyway.
• Washington will spend $31,406 per household in 2010 — the highest level in American history (adjusted for inflation). It will collect $18,276 per household in taxes. The remaining $13,130 represents this year's staggering budget deficit per household, which, along with all prior government debt, will be dumped in the laps of our children.
• Government spending has increased by $5,000 per household since 2008, and nearly $10,000 per household over the past decade. Yet there is no free lunch: If spending is not reined in, then eventually taxes must also rise by $10,000 per household.
• Washington will spend this $31,406 per household as follows:
Social Security/Medicare: $9,949.
Defense: $6,071.
Antipoverty programs: $5,466.
Unemployment benefits: $1,640.
Interest on the federal debt: $1,585.
There's more, but you get the picture.
There's no need to worry though. Our kids and grand kids won't mind paying off our credit cards...