You can argue that the dialogue around cutting the budget going forward is a good start, but increasing the deficit to $1.6 billion from an initial $1.4 billion is the wrong direction. Bloomberg details:
President Barack Obama will send Congress a $3.7 trillion budget that would reduce deficits by $1.1 trillion over a decade, setting up a battle with Republicans who have already deemed the plan insufficient to reduce federal debt.
The deficit for the current fiscal year is forecast to hit a record $1.6 trillion -- 10.9 percent of gross domestic product -- up from $1.4 trillion the administration estimated previously, according to documents released this morning by the administration.
Source: GPO Access
The level of Human Resources employed by the Federal Government reflect a number of things. Two wars, the addition of DHS to the Federal Gov't, and the fact that the Federal Gov't has to employ more people as a result of the private sector's failure to do so. We certainly need to cut but we also need to stop fooling ourselves that taxes can't rise for the rich. You'll never erase the debt or the deficit by failing to do so, regardless what Republicans say or do in Congress.
ReplyDeleteCool chart Jake.
ReplyDeleteNew budget crosses all the limits.. I don't think that budget could be better in future years.. You really did a very good analysis..Thanks ...
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