The $3.8 Trillion Budget being presented to Congress calls for a deficit of $1.6 Trillion.
In other words, 42% of what is proposed to be spent is NOT covered by off-setting income.
And, according to the Associated Press, "...administration officials argued that Obama inherited a deficit from President George W. Bush's Republican administration that was already topping $1 trillion when he took office, and given the severity of the downturn, the president had to spend billions of dollars stabilizing the financial system and jump-start growth."
It is true to President Obama did inherit a deficit topping a Trillion Dollars (remember, that is One Million times One Million), but that is not a reason to triple that amount in two years (i.e., a $1.4 Trillion gap this year and $1.6 Trillion in the coming year).
If anything, the inherited deficit should be a call to arms to get spending under control.
In all areas.
How will any future Main Street USA generation be able to cope with such massive debt?
Over For Now.
Main Street One
No comments:
Post a Comment