Labor Department Funding Up 66% in 2008-2012

February 27, 2013 - 5:54 PM

currency

U.S. currency. (AP Photo)

(CNSNews.com) – The Department of Labor’s budget has increased two-thirds from 2008 through 2012 in inflation-adjusted dollars, according to calculations based on Treasury Department data.

That’s a much sharper rate of increase than the department had over the decade from 2002 through 2012.

The Obama administration has argued that severe consequences would occur if the sequester (automatic spending cuts) kicks in on Friday. If Congress and President Barack Obama cannot reach an agreement, there will be an automatic 2.3 percent reduction in the growth rate of government spending for fiscal year 2013, which amounts to about $44 billion.  The entire federal budget is $3.6 trillion.

Outlays for the Labor Department were $59,055,000,000 for fiscal year 2008, according to the Final Monthly Treasury Statement that fiscal year beginning Oct. 1,2007  and ending Sept. 30, 2008.  Adjusted to 2012 dollars, that would be $62,974,850,000.

Spending for the Labor Department climbed to $104,743,000,000 for fiscal year 2012, according to the same Treasury Department report that year. That is an increase of 66.3 percent (2008 to 2012).

In fiscal year 2002, the Labor Department budget was $64,238,000,000, according to the Final Monthly Treasury Statement for that year. Adjusted for 2012 dollars, that’s $81,982,540,000. By 2012 (budget at $104.7 billion) that produced a 27.7 percent increase from the 2002 level.