The federal budget usually is something boring and inaccessible to the average person, but LearnLiberty.org has produced a new video titled “Government Spending by the Minute,” which graphically breaks down the federal budget.
Dr. Antony Davies breaks down the federal budget to show how long the $2.2 trillion the federal government took in taxes during the 2011 fiscal year by calendar days and compares it with the $3.8 trillion.
Under his calculation, the government spends $434 million per hour and more than $10 billion per day and runs out of money at 11 p.m. on July 31, leaving the government in need of cutting five months worth of savings to balance the budget.
He then graphically shows how much savings is netted by eliminating NASA, cutting defense spending, funding for Congress, the White House and agencies to illustrate the problems caused by entitlement spending and interest on the debt.
“In other words we could reduce the federal government to nothing but a glorified assisted living facility and we still wouldn’t be able to balance the budget,” Davies says. “All of this suggests that our budget problems have gone beyond the need to talk about cuts.”