Since those ardent constitutionalists and stalwarts of small government in the Bush administration took over their desks at the start of 2001, Leviathan has racked up an aggregate spending total of a whisker under $11 trillion - around 25% of cumulative, non-government GDP in the period.
Representing a rapid growth of 31% over the previous five-year period, it is also noticeable that the increase in total public debt (including social security) has amounted to $2.5 trillion, meaning that almost a quarter (23%) of this latest spending has been borrowed, versus a mere 8% in the prior quinquennium. (It should also be noted that this $2.5 trillion excess almost exactly matches the total trade deficit simultaneously run up)
Meanwhile, Federal Reserve and foreign CB holdings of US debt have risen by just over $1 trillion, thus 'monetizing' not only close to $1 in every $10 of this torrent of pork and war finance, but also a startling 90c in every $1 of extra marketable debt issued.
