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What Will Obama’s Budget Cost You? $25,573.48… EACH!

By: Warner Todd Huston (Diary)  |  February 27th, 2009 at 07:44 AM  | 

RESIZE: AAA

Obama is about to unleash a $3.552 TRILLION budget on this poor nation. So, if we each of us were expected to fork over our share of that tab, what would it cost us? Well, according to Toby Harnden, blogger for the Daily Telegraph, it would amount to $25,573.48 each.

I don’t know about you but, I just don’t have it.

So how much will President Barack Obama’s budget cost us? The projected 2010 budget of $3.552 trillion can be found on page 114 of the “New Era of Responsibility” budget here.

The US Census bureau estimates that the current US population is 304,059,724. Dividing the $3.552 trillion by that gives us close to the $11,833 that Drudge came up with. ABC’s Jake Tapper reports that there wil be $989 billion in new taxes over the next decade.

I’m an American taxpayer and the starkest figure is what this could cost me. The latest figure I could find for the number of US taxpayers is 138,893,908 returns in 2007 here. By my reckoning, that’s $25, 573.48 each.

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  • Crowe

    As the rollback of the 1996 welfare reform swells the welfare rolls the number of taxpayers will drop.

    I learned the theories and laws of mathematics well enough in grade school to know that, given a stable dividend, when the divisor drops, the quotient goes up. I never liked math.

    AND, don’t forget that this figure is just the breakdown of the per-taxpayer share of the budget; it doesn’t include the de-stimulus or the various and sundry bailouts and nationalizations.

    • JDidSaint

      From my understanding, the impact on the deficit for the “stimulus” package is, in billions: 184.9 (2009), 399.4 (2010), 134.4 (2011), 36.1 (2012), 27.6 (2013), 22.4 (2014), 4.7 (2015), -7.3 (2016), -7.5 (2017), -6.1 (2018), -1.4 (2019).

      This will lead to a principal debt of 7.8 trillion. That’s $7,812,620,000,000 by 2019 where the deficit will remain $787.2bn higher than before it was signed.

      Someone please check my math. Note that this doesn’t include interest on the debt, only the principal amount.

      If the above is correct, that would translate to a $25,694.36 loan per citizen.

      Source: http://www.cbo.gov/ftpdocs/99xx/doc9989/hr1conference.pdf

      • JDidSaint

        Actually, I’m thinking I did do the math wrong there. I’m assuming that the deficit is cumulative (ie. if the budget deficit is x in 2008, and addition of 184.9 makes the deficit x+184.9 in 2009, then an addition of 399.4 makes it x+184.9+399.4 in 2010.)

        Because I haven’t seen the numbers I came up with anywhere else, I assume that the CBO’s numbers are in contrast to the present deficit instead of the deficit of the previous year (ie. the deficit in 2009 is x+184.9, in 2010 it is x+399.4, etc.)

        This seems counter intuitive to me, but then I’m not in finance.

        Still, the Heritage foundation estimates the cost of the “stimulus” at 3.27 trillion which would be $10,754 per citizen.

        Source: http://michellemalkin.com/2009/02/12/the-true-generational-theft-act-price-tag-327-trillion/

  • 6eorge Jetson

    as he jumps on everyone he sees…

  • johnt

    hello Rock !
    Liberals [?] are going to love this, don’t make it easier or more enjoyable for them though, don’t scream.