Feb. 14, 2011 – PPM – Don’t Call It A Budget

This week's PET PEEVE MONDAY (PPM) is the new OBAMA BUDGET.

Here is a quick 3 Year Summary:

FY 2011 Projected Revenue - $2.17 Trillion

FY 2011 Projected Spending - $3.82 Trillion

FY 2011 Deficit - $1.65 TRILLION

FY 2012 Projected Revenue - $2.63 Trillion

FY 2012 Projected Spending - $3.73 Trillion

FY 2012 Deficit - $1.10 TRILLION

FY 2013 Projected Revenue - $3.00 Trillion

FY 2013 Projected Spending - $3.77 Trillion

FY 2013 Deficit - $770 BILLION

I have accounting and finance degrees, but it really isn't that hard to figure out.
You have X in revenues, then you can only spend X in expenses.

Every government, business, and individual should have a BALANCED BUDGET.

Obama's budget actually went out 10 years till 2021. At no point did EXPENSES = REVENUES.

It is unbelievable that we are PLANNING to spend more money than we bring in for the short, middle, and long term.

We need a SURPLUS BUDGET in order to retire the $14 TRILLION NATIONAL DEBT. But instead, according to the just released forecast, it will be over $20 TRILLION by 2021.

Bottom line: Don't Call It a BUDGET document unless REVENUES = EXPENSES.

It should be referred to as the 2011 Obama Deficit Planning Document.