Take Care of Federal Deficit Later?

by j. wright
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Friday gave us a “Good news, bad news” scenario: the good news was that President Obama would be vacationing at Martha’s Vineyard and out of the public spotlight briefly. The bad news is that his administration released a revised report showing the growing federal spending deficit would explode to an outrageous $9 trillion during the next ten years instead of the $7.1 trillion they had projected after taking office. Contrary to the Obama Administration’s economic experts, the Congressional Budget Office (CBO) had predicted a $9.1 trillion deficit and it appears they had the right numbers all along.

So for the next ten years our federal government will go along, happily spending $900 billion more dollars annually than it takes in. I wish I could run my household finances like that. Maybe not, come to think of it. The really bad news is this $9 trillion expected deficit increase adds not only to the burgeoning $11.7 trillion National Debt, it doesn’t include a single dime for the cost of national health/insurance reform… if somehow passed, would be tacked on.

On May 24, 2009 President Obama, as quoted in the NY Post said during a lengthy interview referring to the country, " We are out of money, were broke.” He also added, as I remember, that our government’s current spending habits were “unsustainable.” So what is his solution? Break his campaign promise and increase taxes on every remaining wage earner in order to cover our various near bankrupt social programs? Or begin to reform all of them, cut wasteful fraud and spending and get our financial house in order before taking on anything new?

Still mired in a deepening recession, and with approximately 30 million currently out of work, a huge amount of social program dollars will never be collected. Scarlett O’Hara might suggest that we “…take care of it tomorrow.”

jaq~