Government on track to Outspend Revenue of Entire U.S. Economy

It seems that the more money the government takes in, the more it is bound to increase already dangerously irresponsible spending levels.  The government already consumes roughly a third of the nation’s economy.  According to a new report, Uncle Sam is now on track to actually outspend the revenue taken in by the entire United States economy.

The Washington Free Beacon reports on a recent audit of the government’s financial books by the Government Accountability Office (GAO):

Gene Dodaro, the comptroller general for the Government Accountability Office, testified at the Senate Budget Committee to provide the results of its audit on the government’s financial books.

“We’re very heavily leveraged in debt,” Dodaro said. “The historical average post-World War II of how much debt we held as a percent of gross domestic product was 43 percent on average; right now we’re at 74 percent.”

Dodaro says that under current law, debt held by the public will hit a historic high.

“The highest in the United States government’s history of debt held by the public as a percent of gross domestic product was 1946, right after World War II,” he said. “We’re on mark to hit that in the next 15 to 25 years.”

Sen. Mike Enzi, R-Wy. said Wednesday that the data does not even tell the whole story.  The GAO is unable to do a full audit opinion on the state of the government’s finances due to unreliable data.  It is likely that the situation is even worse than reported.

Source: The Washington Free Beacon