Huge Deficits May Alter U.S. Politics and Global Power
Added 217 days ago on February 1st, 2010
In a federal budget filled with mind-boggling statistics, two numbers stand out as particularly stunning, for the way they may change American politics and American power.The first is the projected deficit in the coming year, nearly 11 percent of the country's entire economic output. That is not unprecedented: During the Civil War, World War I and World War II, the United States ran soaring deficits, but usually with the expectation that they would come back down once peace was restored and war spending abated.But the second number, buried deeper in the budget's projections, is the one that really commands attention: By President Obama's own optimistic projections, American deficits will not return to what are widely considered sustainable levels over the next 10 years. In fact, in 2019 and 2020 - years after Mr. Obama has left the political scene, even if he serves two terms - they start rising again sharply, to more than 5 percent of gross domestic product. His budget draws a picture of a nation that like many American homeowners simply cannot get above water.
Source: nytimes.com
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Posted by: james2044
3:15am, February 2nd, 2010
Re: Huge Deficits May Alter U.S. Politics and...
If we control spending & bring down the deficit, people & business will have money to invest. That is what makes jobs, not the Democrats spending money on "programs".Posted by: jmrkaa
7:23am, February 17th, 2010
Re: Huge Deficits May Alter U.S. Politics and...
It's easy to point a finger and say 'this is wasteful spending!' just by looking at a pile of numbers. What's often willingly omitted is the proceeds of the money spent. If Obama wanted to raise his poll numbers he could just cut the taxes by a lot and decrease all spending to a very low level. Great, but there is a price to pay. If insufficient investing is done on a national level on energy, health care etc, the situation will worsen drastically. How to care for those who can't take care of themselves?
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