I was hit with this headline today "Federal deficit hits $1.38 trillion through August" (here's the link) I just have to chuckle now when I hear President Obama say "Here's what you need to know. First, I will not sign a plan that adds one dime to our deficits – either now or in the future. Period. And to prove that I'm serious, there will be a provision in this plan that requires us to come forward with more spending cuts if the savings we promised don't materialize. Part of the reason I faced a trillion dollar deficit when I walked in the door of the White House is because too many initiatives over the last decade were not paid for – from the Iraq War to tax breaks for the wealthy. I will not make that same mistake with health care."
Yes, thats right he inherited a deficit of 1 trillion dollars which was 50 years in the making and already increased it 40% in 8 months. If I held any US currency or was buying US debt I'd sure look to trim some of that soon. Ironically that wouldn't be that bad, considering my mortgage at 4.85% would suddenly look really nice once inflation hits like 5% and interest rates are at 7%.
Trip Dates Decided
13 years ago
1 comment:
Okay dude, you got this one wrong in one big sense. You state that he inherited a $1.38 trillion deficit that was 50 years in the making??? The $1.38 trillion deficit is for THIS BUDGETARY YEAR alone, not the total National Deficit. Sadly, our total national debt is just approaching $10 trillion, I think... Thus, it's not NEARLY as bad as you make it sound... Plus, our debt to GDP ratio is still within rather reasonable levels, considering it was WAY higher after WWII.
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