Economic Education

Ok ... It took about 2 yrs (Obama was sworn-in in Jan 2009) for them to get the deficit up to $14.3Trillion ..... Remember that number because that is going up by the minute ...

The President's idea is to take 12 years to cut that dwon by $4trillion ...

So instead of being $14Trillion in the hole we will be on,y $10Trillion in the hole, right?

not so fast there buck--o

You see the issue is that the debt keeps piling up ... So while the plan is to cut $4 trillion over 12yrs ... The debt might still increase by another $10 trillion dispute it because no one is talking about FREEZING the budget at all ...

That would mean no increases ... That would stop things from going up farther ... No one is talking about cutting federal pay (the President gets $400,000/retired get $200,000+)... No one talks about how much it costs for the federal gov to fly all these people around by private jets under the guise of security (if it's safe enough for Joe Schmoe it should be good enough for Senator Reid)... There's a LOT which they wont touch because it will impact their lifes there in washington

Instead they will be redefining the "upper class" to include people making $100,000/yr and I suspect it will go lower .... They will cut Defense spending $400Billion(that's it, let's make the soldiers even more disgruntled) ... They will raise taxes that will be passed onto the consumer thru pricing - he is planning to pull the tax cuts (look out wall street) ... He will also start to take away items on ITEMIZED tax returns (he says it's just 2% of people but more have begun to use those forms) ...

The President blasted Sen Paul Ryan's plan ... One which will still only cut the deficit by $6Trillion and it would still take 10 years to get there - but it's $2trillion more and 2 years earlier than what Obama wants.

Neither side has a good idea ... Both are going to take more than two terms to do anything (job security I suppose) ...

But don't worry they will just raise the debt ceiling again ... It kind of like asking your credit card company to raise your credit limit so you can keep spending even though you are making minimum payments.