How will whom ever is elected our next president deal with the budget deficit?
Currently our deficit is $9.5 trillion more than double what it was when the chimp took office. Does our deficit matter? Currently nearly one fourth of our budget goes to service (pay the interest) on the debt. Only two other items on the budget are larger. 1.) Defense and 2.) Entitlement programs (Medicare and medicaid). The rest is discretionary spending. No one evens mentions repaying Social Security which will have to happen eventually. I think my last statement said by 2042 my benefits’ may be reduced.
McCain says he'll reduce the deficit by keeping the tax cuts in place and by cutting wasteful spending. Is there $482 billion in wasteful spending?
Obama says he'll reduce the deficit and pay for new programs by taxing the top 5% at a higher rate while keeping taxes on 95% of Americans the same or reducing them. Can we really get $482 billion out of the top 5% of tax payers?
Once all the smoke clears and mirrors are gone how can we reduce the deficit or will we continue to spend beyond our means and leave our children and grandchildren our I.O.U.s
Who ever is elected will inherit the largest annual budget deficit ever, $482 billion.
http://www.latimes.com/news/nationworld/nation/la-na-deficit29-2008jul29,0,4458909.story
http://www.msnbc.msn.com/id/23596092/http://www.cbsnews.com/stories/2008/02/12/national/main3822385.shtmlSo what say you. Is the deficit a problem. If not why and explain
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