The Obama 10 year budget includes trillions in new spending programs at a time when tax revenues are declining at a precipitous rate.
The projected deficit in the
Obama Budget is $7.0 trillion for the decade 2010 to 2019. That's the good news!
The Congressional Budget Office (CBO) has concluded that, if the Obama budget were approved, the federal government would actually run even larger
deficits averaging nearly $1 trillion a year over the next decade. The cumulative deficit from 2010-19 would be $9.3 trillion, according to the report - $2.3 trillion more than the Obama administration's forecast. The main reason for the difference in budget estimates is a difference in economic growth, with congressional views of long-term growth less optimistic than those of the White House. …
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"A man younger than 30 who's not a liberal has no heart and a man older than 30 who's not a conservative has no brain" - Winston Churchill.
Spending his formative years in Paris and then returning to complete college and graduate school at the American University of Paris, my son became deeply steeped in French cradle-to -grave socialism, never failing to extol its virtues. A self proclaimed "caviar socialist", my caviar - his socialism, lamented how hardened we fiscally conservative "old people" had become to the wishes of the "people". The mean spirited American ideal of education, hard work and opportunity for all was just a bromide invented by the American bourgeoisie in a nefarious plot to stifle the true wishes of the "people".
"Ah, for those carefree days, when my…
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After reading that one percent of the households in New York City, roughly
40,000 people, pay 50% of the income taxes in this city of more than 8 million inhabitants, it made be begin to wonder where we were headed as a nation. This astonishing figure brings home the practical consequences of relying on taxes from a small group of high-earners to fund city, state and national budgets. In the case of New York City, the Mayor can only hope that this small group does not become weary of their burden and move to Connecticut or West Palm Beach. If even only a small percentage does, the financial impact on New York in a recession would be devastating. If that problem isn't enough New York City and State will…
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