For Immediate Release Wednesday, July 28, 2010
WASHINGTON – The White House’s Office of Management and Budget (OMB) recently released its Mid-Session Review . On reviewing the report, Libertarian Party Chair Mark Hinkle called the report’s spending projections “disappointing and troubling.”
According to the report, federal spending was 24.7% of GDP in 2009, and is expected to be 24.6% this year, rising to 25.1% in 2011. (All years are fiscal years.)
Hinkle commented, “The federal government is commanding a larger percentage of our economy than it has at any time in American history, except a few years during World War II. Instead of free citizens making our own economic decisions, the federal government is making those decisions for us.”
Hinkle added, “At the beginning of the twentieth century, the federal government spent less than five percent of GDP.”
The report projects that federal spending will still be over 23% of GDP in the year 2020. “In other words,” said Hinkle, “the White House is admitting that its spending will be at record-high levels as far as the eye can see. That’s great for special interests who get their money from the federal government, but it’s very bad news for the rest of us.
“I’m seeing visions of low economic growth and high dependence on government. Future generations are facing economic hardship instead of prosperity.
“The current crop of politicians in Washington simply don’t have what it takes to reverse this damage. Democrats and Republicans have proven decade after decade that they are incapable of doing anything but grow government. In just the last ten years, they have worked together to give us two costly wars, a giant Medicare expansion, and the TARP bailouts, among many other massive new expenses.
“It’s time for American voters to start thinking outside the box, and electing Libertarians to office.”
For more information, or to arrange an interview, call LP Executive Director Wes Benedict at 202-333-0008 ext. 222.
The LP is America’s third-largest political party, founded in 1971. The Libertarian Party stands for free markets and civil liberties. You can find more information on the Libertarian Party at our website .