The drunken spending spree of Reverend LBJ, or as many people call him, George W. Bush, has been quantified by the conservative Heritage Foundation. The good news is that in fiscal year 2005 (which ended on September 30th), the $317 billion budget deficit represents only 2.6% of GDP. The public-debt-to-GDP ratio stands at 38% which is lower than any level of the last 15 years. Of course, the reason this is so is because tax revenues increased significantly in FY05 (by 15%), GDP growth has been resilient and payment on the ever larger debt has decreased due to low interest rates.

However, the long-term structural imbalances in the budget still remain as does the prolific spending of the Bush Administration. Spending increased by 8% in 2005 and is up 33% since 2001. Defense and so-called 9/11 associated spending accounts for 45% of the spending increases. All the rest of the spending increases--some $164 billion worth--are from non-defense, non-9/11 security spending. In fact, this type of spending has gone up far more under Bush than it did under Clinton. During the Bush Administration, federal spending has gone up 100% for education, 71% for community and regional development, 86% for housing and commerce and 16% for farm subsidies, to name just a few categories.

Defense and discretionary domestic spending are of concern enough but the looming increases in entitlement spending will really give fiscal conservatives the willies (and if we only had Willy Clinton in office rather than George W., it's likely the budget problems wouldn't be so bad--although other problems probably would be). Entitlements account for nearly 60% of all spending and the Heritage Foundation report says a "record 10.8% of GDP." Wait, it gets worse! Entitlement spending--including Social Security, Medicare, and Medicaid--will nearly double over the next ten years

It's funny how after the Democrats and media successfully killed Bush's Social Security reform efforts, the issue dropped off the radar screen, although the problem remains, blipping brighter and brighter with each passing day. But this president does not care about fiscal prudence. He only has his religious beliefs and those are unlikely to compel him to put our fiscal house in order. At the same time, the Democrats and media don't particularly care about budget deficits and public debt either despite their constant blandishments about "the children." Of course, it's the children who will be paying off the debts we "adults" are ringing up today.