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Entries in deficit (3)

Wednesday
Mar232011

True Obama debt bigger than planet's entire GDP

As the Obama administration prepares to finance a Fiscal Year 2011 budget deficit expected to top $1.6 trillion, the American public is largely unaware that the true negative net worth of the federal government reached $76.3 trillion last year.

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Monday
Feb282011

The “Deficit Problem” Isn’t Financial. It’s Political.

The federal budget deficit and its cumulative cousin, the national debt, are much more political and media phenomena than they are financial. Which isn’t to say that they don’t exist. Obviously, they do. But they have been invested with apocalyptic significance mainly for political purposes: to scare people and to coerce them into reducing the size and the scope of government.

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Wednesday
Feb232011

Further Fiscal Folly

The people insisting on cuts to social security and Medicare have revved themselves up and are now in high gear. They see their final victory on the horizon, with the possibility of a bipartisan deal involving substantial cuts to both programmes. They argue that the large deficits facing the country make it imperative that we address the long-term budget problem – meaning, the cost of these programmes – immediately.

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