Budget Of The United States Government...

$525 billion or so deficit is expected from the US and it seems it is only getting worse. I was watching CNN, up to 63 government programs are to be eliminated, and antoher 60 or so government programs will have their budget cut. The rest will have a marginal 1% increase in their budgets well below the rate of inflation. The only two aspects of the Budget that will increase is the Armed Forces (7% increase), and the Department of Homeland security (? %). Whoa, reminds me more and more of the Soviet Union evertime I see it.
 
Other tid bits:

$1.1 trillion tax cut over the next little while.

$530 billion for the now 30% or so inflated price for Bush's medicare bill

$50 billion per month in Iraq.
 
It’s Not as Bad as You Thought. It’s Worse.

This message is brought to you by the Comptroller General of the United States:
The federal government’s gross debt — the accumulation of its annual deficits — was about $7 trillion last September, which works out to about $24,000 for every man, woman and child in this country. But that number excludes items like the gap between the government’s Social Security and Medicare commitments and the money put aside to pay for them. If these items are factored in, the burden for every American rises to well over $100,000.

The new Medicare prescription drug benefit will add thousands more to that tab … The truth is that the drug benefit as signed into law is one of the largest commitments ever undertaken by the federal government. Preliminary estimates of its long-term cost in current dollars range up to $8 trillion.

To put that number into perspective: it is about four times the entire federal budget. Long-term simulations from the legislative agency I head, the General Accounting Office, paint a chilling picture. Even before the new drug benefit was enacted, these simulations showed that by 2040 current policy could require a 50 percent reduction in federal spending or a doubling of taxes to balance the budget. (Full text here)
Click to expand...
For a guy who is apparently all-consumed with image and politics, I find it passing strange that Bush appears to give no thought whatever to how history will perceive him - or even how people will be thinking about him a mere five years from now.

:m: Peace.
 
I really do see a economic collapse in the US very soon. The US simply cannot keep up with all this debt, private debt is at about $9 trillion, with public debt at $7 trillion, and with the expected $5 trillion expected to be added if there is another 4 years of Bush, yes the US is screwed. There is no way out of debt apart from paying it out, and with low tax revenue and a military expected to suck about $1 trillion per annum by the end of this decade, the US' claim to fame will be militaristic only.
 
You must log in or register to reply here.
Back
Top