published Wednesday, February 8th, 2012

U.S. gets dangerously used to trillion-dollar deficits

It can't be a good sign when our country more or less gets used to the federal government adding more than $1 trillion to the national debt, year in, year out.

But that's what seems to be happening.

It generated all too little public debate when it was projected by the Congressional Budget Office that, once again, the federal government will run a more than $1 trillion deficit in the current fiscal year, which ends in September.

This will be the fourth straight year of federal deficits that have exceeded the $1 trillion mark.

The total national debt -- which includes cumulative deficits from past years -- now is well above $15 trillion and is on the way to $16 trillion and beyond.

The additional debt from Washington's breakneck spending makes it even more unlikely that the United States will regain its top-notch credit rating from rating agency Standard & Poor's. For the first time in history, Standard & Poor's has lowered our rating because of Washington's unwillingness to take serious measures to reduce the debt.

Meanwhile, taxpayers continue to pay hundreds of billions of dollars each year in interest on the debt -- money that otherwise might be put to productive, job-creating use in the private sector.

And in the midst of all that, President Barack Obama proposes increasing taxes on higher-income Americans who already pay a disproportionately large share of federal taxes. That might seem like an easy source of "free" government revenue, but in fact it would cause further harm to our weak economy by reducing private-sector investment and economic activity. Besides, Washington cannot be trusted to apply new revenue to debt reduction. More likely it would use additional funds for more wasteful spending.

The answer to excessive spending is less spending. And the longer we put off that solution, the more painful it will become.

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mymy said...

I was reading an article re Greece situation this morning and saw this comment. We are on our way and fast!

An open letter to Greece:

Congratulations to the once proud Greek people!! You've been duped by your politicians into thinking that you're all entitled to other people's money. You've been sucked in by their promises of pie in the sky in exchange for your vote. After they've attained office, they then deliver by borrowing money in your name, until no lender in their right mind would ever loan money to them again. Now you're marching in the streets demanding more pie in the sky, even as your whole country slides into financial oblivion.

People of Greece, please pay your own bills and make your own way. I am not responsible for you allowing your government to run amok for decades. I have my own government running amok to worry about. It's not fair of you to expect me and millions of others around the world to pay additional taxes for your mistakes. Grow up, elect a new, more responsible government and work together to fix your problems.

February 8, 2012 at 8:52 a.m.
chet123 said...

Hmmmmmm! SOUND LIKE AN EQUAL AMOUNT OF MONEY IS BEING SPENT TO FUND SUPER-PACK......AND THE RICH SAY THEY CANT AFFORD HIGHER TAXES HA HA HA HA.....THEY PREFER WASTING IT ON SMEARING, AND TELLING LIES......HA HA HA .. ONLY IN AMERICA!ONLY IN AMERICA!

February 8, 2012 at 9:29 a.m.
rogerdodger said...

What comes after a trillion? I am not sure but if Obama is re-elected I am sure we will find out

February 8, 2012 at 4:25 p.m.
Plato said...

Two words: Simpson/Bowles

February 8, 2012 at 10:23 p.m.
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