Those trillion-dollar deficits
by Steve McIntosh
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posted Oct 18 2012 2:01AM
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For the fourth year in a row the United States government has spent more than a trillion dollars more than it’s taken in. The Treasury Department confirms the gap in 2012 is $1.1 trillion. The good news is revenue rose 6.4% from 2011 and spending fell 1.7% … to $3.5 trillion. The deficit shrank 16%, or $207 billion.
Savings came from less spending on the military and Medicaid.
A stronger economy meant more people working and more tax revenue.
I’m not excusing President Obama’s budget shortfalls, but the budget he inherited when he entered office carried a $1.2 trillion deficit. The past three years our nation has continued to fight two un-funded wars and the Great Recession … which has meant fewer people working and paying taxes.
I’ve been a budget hawk for the past 40 years … commenting consistently on deficits, debt, and the fiscal cowardice of American politicians.
I’m afraid government fiscal responsibility will only happen after a huge crisis.
God help us.
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Our thought for today is from George Jackson:
“Patience has its limits. Taken too far, and it’s cowardice.”
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