Infographics: A Reflection On The Supercommittee
by Bankrupting America Team: In the aftermath of the supercommittee’s failure, we put together two infographics. The first is our initial, knee-jerk reaction. The second, a more thoughtful reflection. Click the images to view full size versions.
The Super Committee announced this week their failure to compromise regarding cuts
to federal spending. What are the implications?
automatically be cut from federal spending fiscal years 2013-2021. This is broken
down:
71% discretionary spending
13% mandatory spending
16% savings on interest payments1
When compared to our deficit spending this year, these reductions spread over 9
years are minimal.
• Last year alone, the federal government racked up $1.3 trillion2 in deficit
spending. The federal government is expected to spend $40.2993 over the
next ten years.
• The federal debt is expected to grow by $8.5 trillion over the next 10 years if
federal spending remains on its current track4.
Much, much more is needed. In a joint statement to the Super Committee, the Co-
Chairs of the President’s deficit commission Erskin Bowles & Alan Simpson stated:
1. CBO: Testimony of Douglas W. Elmendorf on Discretionary Spending. October 26, 2011. P. 17.
2. CBO: Monthly Budget Review. November 7, 2011.
3, CBO: The Budget and Economic Outlook. August 2011. Summary Table 1 (Added outlays).
4. CRS: The Budget Control Act of 2011: Effects on Spending Levels and the Budget Deficit. September 16, 2011. P. Summary.
5. Bowles and Simpson: Joint Testimony before the Joint Select Committee on Deficit Reduction. November 1, 2011.
Tags: deficit reduction, Government Spending, infographic, joint select committee on deficit reduction, national debt, spending cuts, supercommittee, Bankrupting America To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
to federal spending. What are the implications?
SUPER COMMITTEE, SUPER FAILURE
The failure of the Super Committee to submit legislation means $1.2 trillion willautomatically be cut from federal spending fiscal years 2013-2021. This is broken
down:
71% discretionary spending
13% mandatory spending
16% savings on interest payments1
When compared to our deficit spending this year, these reductions spread over 9
years are minimal.
• Last year alone, the federal government racked up $1.3 trillion2 in deficit
spending. The federal government is expected to spend $40.2993 over the
next ten years.
• The federal debt is expected to grow by $8.5 trillion over the next 10 years if
federal spending remains on its current track4.
Much, much more is needed. In a joint statement to the Super Committee, the Co-
Chairs of the President’s deficit commission Erskin Bowles & Alan Simpson stated:
By now everyone must understand that $4 trillion dollars of deficit reduction is not the maximum we need to reduce the deficit over the next ten years, it is not the ideal amount, it is the minimum amount we need to reduce the deficit to put our fiscal house in order and to stabilize our debt and get it on a downward path as a percent of GDP5.
1. CBO: Testimony of Douglas W. Elmendorf on Discretionary Spending. October 26, 2011. P. 17.
2. CBO: Monthly Budget Review. November 7, 2011.
3, CBO: The Budget and Economic Outlook. August 2011. Summary Table 1 (Added outlays).
4. CRS: The Budget Control Act of 2011: Effects on Spending Levels and the Budget Deficit. September 16, 2011. P. Summary.
5. Bowles and Simpson: Joint Testimony before the Joint Select Committee on Deficit Reduction. November 1, 2011.
Tags: deficit reduction, Government Spending, infographic, joint select committee on deficit reduction, national debt, spending cuts, supercommittee, Bankrupting America To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
Posted by Bill Smith at 7:09 PM - Post Link
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