Fema Employment

Should Obama and congress place more Priority on reducing futeure deficits and Federal debt?

The Congressional Budget Office estimates the federal deficit could top $1.8 trillion this fiscal year -- by far a record. Entitlement spending -- Medicare, Medicaid, and so on -- will increase by $1.1 trillion. In 2009 and 2010 alone As a share of GDP, CBO says this means spending will hit an astounding 28.5% in fiscal 2009, which ends this September, and still be at 25.5% next year, staying at close to 23% to 24% of the economy for the next decade. This year's deficit will hit 13.1% of GDP and next year's will still be at 9.6%, assuming a healthy recovery, and then never get below 4.1% for the entire decade. These deficits assume the passage of Mr. Obama's enormous tax increases in 2011 and $629 billion in new cap-and-tax carbon revenues. The share of debt held by the public will double -- to 82.4% in 2019 from 40.8% in 2008 And by the way, all of this is without including the costs of Mr. Obama's plan to offer "free" health care for the middle class. The White House budget includes only a "down payment" on health care, with every serious person figuring it will cost at least $1.2 trillion, and probably more. Before the recession, federal spending totaled $24,000 per U.S. household. President Obama would hike it to $32,000 per household by 2019— an inflation-adjusted $8,000-per-household expan­sion of government. Even the steep tax increases planned for all taxpayers would not finance all of this spending: The President's budget would add trillions of dollars in new debt. Within a decade the average household that pays income tax will owe the equivalent of $155,000 in federal debt, about $90,000 more than last year. The bill is far too big for only the rich to pick up. There aren't enough of them. America will have to lean on citizens far below the $250,000 income threshold: nurses, electricians, secretaries, and factory workers. Businesses alone can not make up the difference, and when you tax businesses you loose jobs and technological advances leaving this country behind the rest of the world. Doesn't this scare anyone besides me?

Public Comments

1. Priorities. First we have to get out of this current severe recession. If we do not recover fairly quickly, the debt and deficits will be the least of our economic worries.
2. Sure it's scary, but take a look at what Roosevelt did and the Japanese did in 1992. They tried to cure and economic problems and get rid of the deficit. It didn't work. Obama has prevented a depression, we will worry about the deficit later.
3. I am pretty sure, at this time, the priority is to get us out of the financial mess we're in. Reducing the cost of getting us out of this mess would obviously be one of the next priorities once we've recovered.
4. Gee, what a novel idea.. the president actually doing something ot reduce our indebtedness to communist China for one. But is he doing that.. no.. he is running up our deficit higher and higher.. has doubled it since Bush. And no end in sight. It is like he is playing some game.. and at the end will throw his hands in the air and say.. " well, that's it.. I'm done" Does it scare me.. you bet it does!