NY Times: What They’re Not Telling You (About the Deficit)

[marmar]

What They’re Not Telling You
Published: July 31, 2010


There is a lot of heated talk in Washington these days about the deficit, unfortunately little of it serious. Playing on Americans’ deep anxiety about the economy, Republican politicians have seized the deficit issue as their own — eagerly blaming the stimulus and even an extension of unemployment insurance for the problem — while denying their own culpability for helping dig this deep hole with years of irresponsible tax cuts.

The Democrats in Congress have all but ceded the debate. The White House has pushed back some, but as the polls make clear, not nearly hard enough.

The deficit’s size is alarming. In the 2010 fiscal year, the government is projected to collect $2.2 trillion in taxes and spend $3.6 trillion, leaving a gap of $1.4 trillion.

If current tax and spending policies continue, deficits are estimated to remain near $1 trillion a year for the next decade. After that they will explode — to twice the size of today’s deficit as a share of the economy by 2050 — as health costs rise and the population ages, and outlays for Medicare, Medicaid and, to a lesser extent, Social Security continue to grow faster than revenues.

We agree the situation is unsustainable. But cutting spending right now on relief and recovery efforts would worsen the economic slowdown and the suffering of millions of Americans, while making only a tiny dent in future deficits. ..........(more)

The complete piece is at: http://www.nytimes.com/2010/08/01/opinion/01sun1.html?hpw

[MannyGoldstein]

1. So... let's cut Social Security!

That http://journals.democraticunderground.com/MannyGoldstein/102">seems to be Obama's plan. That $2+ Trillion surplus (which will balloon to $4 Trillion) that SS has socked away to pay future benefits is a delicious target, a fine fiscal alternative to simply having the wealthiest Americans pay their fair share.

[dkf]

2. Or you could find those missing billions we seem to lose track of in all those countries we are at

War in.

Somebody better do something before we have to cut federal jobs. I used to think that was a nice secure job but looking at those numbers is scary.

[burnsei sensei]

3. The deficit is not as important as the

economy in general.
It is not as important as the social repercussions of the foreclosure crisis.
It is not as important as the job market.
Even if the federal deficit was no more, our problems would still not be solved.

[Jeffersons Ghost]

4. K&R

[msongs]

5. tell "Admiral" Mullen he has 2 weeks to find the billions lost in Iraq/Afghanistan or else he loses

his retirement. Our bloated top brass faces no consequence for its incompetence

[Mika]

7. You mean that the humiliation isn't enough?

C'mon! You can't really expect upper management to take a fall. This is America dammit.

---

[Skink]

6. If Bush could turn a surplus into this in 8 years somebody can easily turn it back around.

Just maiybe not Obama or even the next president.

[Festivito]

8. What They’re Not Telling US is that the deficit goes DOWN under 1st Obama budget.

The budget Bush left Obama to finish hit 1.8T$ in ACTUAL difference of the debt from the start to the end of the fiscal year -- that's the deficit in real terms not the wishy washy budget amounts.

This fiscal year that will end Sep 30, 2010 projects to borrowing 1.6T$.

THAT'S DOWN. Not up, down! Down under Obama's first Obama-made budget.