Law & Legal & Attorney Politics

US Budget Balancing and Deficit

About a week ago I had gone to the government website where the US budget gets posted.
After some muddling through the multiple pages and taking in all the information I was very dismayed.
In the next 10 years the deficit was set to nearly double.
Now I know that the big theme right now is that most Americans are calling for spending cuts.
The thing I don't think most people realize is, the spending cuts needed to come anywhere near balancing the budget are much more than what's being proposed.
The big issue right now everyone is hearing about is earmarks.
The truth is cutting earmarks is a mere approx.
1% of what is being overspent in 2011.
Now I'm not disagreeing in any way with cutting earmarks.
I think it's a great idea to remove the ability for politicians that amount of unrestricted use of federal money.
But the truth is we need to figure out much more major ways to reduce the deficit.
I don't know of anyone that has even an ounce of money smarts would make a budget that is say $1000 over budget then reduce it by a mere $10 like that is a solution.
Now I'm sure that many if not most/all politicians realize that earmarks play a small role.
The problem is that they need to, and we need to, realize and push them in the direction of actions that will reduce the deficit.
When you are reverse on a budget you have two options, reduce spending and/or increase revenue.
If we really want to start to cut into this monster it is unlikely we can just rely on budget cuts.
If we merely rely on budget cuts they would have to be very, and I repeat very deep.
And if we relied on increasing revenue (i.
e.
increase taxes) I feel it would greatly stagnate our economy.
We as a nation and our government needs to work together to reach the right balance of spending cuts and at least increasing tax revenue slightly to meet that $0 on the budget sheets.
And realistically that's just to maintain our current deficit.
Even more will have to be done if we want to work towards eliminating the deficit.
Please post your thoughts and feelings on this topic.


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