Posted by Web Staff - email | Facebook | Twitter
(WOIO) - President Barack Obama has presented his new 2011 fiscal year budget. A 3.83 trillion dollar spending measure that is so huge, so without precedent, that coupled with existing deficits may actually alter the face of American politics and power in the years to come. So much money has been earmarked principally for entitlement programs extending into the future, that by the administration's own projections, deficits in this country may not return to what is considered sustainable levels for at least ten years.
A recent analysis by the New York Times says these numbers mean that, barring some miraculous growth, there will be virtually no room for any new domestic programs throughout the next decade. Meanwhile in Congress, politicians on both sides of the aisle, are too frozen by their ideologies to act responsibly. The democrats don't want to give up their liberal spending programs and the republicans don't want to raise taxes.
The President has proposed a three-year freeze on domestic discretionary spending but critics are correct when they say that it amounts to chicken feed. According to that New York Times article, it was Mr. Obama's Chief Economic Advisor Lawrence Summers who used to ask, "How long can the world's biggest borrower remain the world's biggest power?" But that was before he joined the administration.
©2010 WOIO. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
All content © Copyright 2000 - 2012 WorldNow and WOIO, a Raycom Media Station.
