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U.S. deficit at record high and rising

Discussion in 'U.S. Politics' started by Truth-Bringer, Apr 26, 2008.

  1. Truth-Bringer

    Truth-Bringer New Member

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    U.S. deficit at record high and rising

    The federal deficit hit $311 billion for the first half of fiscal year 2008, up from $162 billion the year before.

    By Peter Grier

    WASHINGTON - Deficit? What deficit? Three big intersecting events – war in Iraq, the economic downturn, and the presidential race – this year have combined to knock fiscal discipline far down the list of Washington's policy priorities.

    In fact, the federal deficit hit an all-time high of $311 billion for the first half of this budget year, reports the Treasury Department. And Congress is discussing further moves to help distressed homeowners and stimulate the economy. Iraq and Afghanistan will cost at least another $170 billion in supplemental funds through the end of next year.

    Given the need, the current rush of spending might be understandable, say some deficit hawks. But they worry that Washington will use recession and war as excuses to stop caring about red ink altogether. They also warn that current deficits leave Washington ill-prepared to face an imminent explosion of spending on Social Security and Medicare caused by retiring baby boomers.

    "I've spent a professional lifetime worrying about the federal budget and fiscal responsibility. And I've never been more worried than now," said Alice Rivlin, former director of the Congressional Budget Office, at a recent Brookings Institution symposium in Washington.

    This February, in the president's annual budget submission to Congress, the White House Office of Management and Budget (OMB) predicted the federal deficit for fiscal year 2008 would come in at $410 billion.

    Rest of Article Here

    Of course, the politicians would have you ignore all this. They want everyone convinced that all of their spending doesn't matter. So just keep your eyes closed and keep sleeping, U.S. citizens. And keep dreaming that your government really loves you and it would never send you into a financial crisis....as they continue to spend unborn generations into massive debt...
     
  2. Andy

    Andy Well-Known Member

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    It doesn't matter to the public. It only matters if they hate the current president, then they care. Otherwise, if it's their guy, spend lie steal tax, whatever, and they don't care. Look at the 90s.
     
  3. Truth-Bringer

    Truth-Bringer New Member

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    But they do know it's wrong, they're just more forgiving if it's "their guy" in power. It's like the polls for Congressional approval - people usually give Congress as a whole a low approval, but their Congressional rep always gets higher marks. They believe the guy they're voting for is honest - everyone else is the problem. The general public is definitely ignorant and short-sighted. Hopefully they'll wake up before it's too late.
     
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