U.S. Debt: Has Its Past Become Its Future?
Source: EverBank Direct, Frank Totter (8/7/11)
"I tend to go straight to the numbers: A trip over to the Congressional Budget Office reveals the pearl within the plan."
Being a simple country banker, I tend to go straight to the numbers. A trip over to the Congressional Budget Office—the folks with the green eyeshades in charge of translating the mumbo-speak of Congress into something practical—reveals the pearl within the plan. As we have all read many times now, the approved plan calls for $917 billion in "reduction in budget deficits." Of course there are many qualifiers but one layer down, the appalling figures are written in black and white for all to see.
For the 2012 budget year a total of—wait for it—$21 billion in reductions is proposed, followed by $42 billion and $59 billion in 2013 and 2014. Can anyone guess when the next presidential election will be held?. . .View full article