Obama's Budget Means Higher Taxes and Lower Living Standards"Moody's Investors Service's warning last week that the AAA credit rating of the United States is in jeopardy raises fresh concern about the nation's fiscal health.
The question to ask about the president's eye-popping budget, also rolled out last week, is whether it prepares the country for its future—or shackles it to past decisions that our leaders would rather not confront.
President Obama's blueprint gave us a federal budget deficit for fiscal year 2010 of $1.6 trillion, about 10.6% of GDP.
While one expects bigger budget deficits in a downturn, the administration expects the deficit and debt buildup to persist.
By 2013, it forecasts that deficits will bring about a debt-to-GDP ratio of 72%, unprecedented in our experience except during a major war.The problem is spending.
Despite Mr. Obama's words about restraint, the new budget proposes more spending—1.8% of GDP for 2011 to be precise—and a higher level, roughly one percentage point of GDP higher, in subsequent years"
2013 is only 3 years away!!!!!!!!!!!!!!!!
And EVERY city, county and state in our country is ignoring the very SAME disaster that will hit us ALL soon!
The local problem is government employee pay and benefits!
Too much pay for too little work for too little benefit for the taxpayer.
And automatically growing every year!
If you love your kids or grandkids, you MUST get involved!
