On Wednesday, President Obama addressed the nation to talk about the deficit problem. Theannual deficit is the amount of money our government spends in a year that is not covered by the taxes we pay. That is opposed to the national debt, which is the accumulation of these deficits.
Currently, our deficit is $1.65 trillion. To put that in perspective, if one dollar equaled one second, it would take over 52,000 years to equal this year’s deficit. I don’t think my poor little calculator could do the math on our over $14 trillion of accumulated debt.
Obviously something needs to be done. We either need more money coming in, or less money going out. As pointed out on IowaHawk’s blog, not enough money realistically exists to cover our expenditures. Therefore, we must reduce our spending to balance the budget and begin to pay down our tremendous debt.
According to Reuters, 59% of Americans would cut programs to reduce deficit spending, while 30% would raise taxes to cover the cost. President Obama agreed in Wednesday’s speech that cutting some spending might be necessary … right before he slammed Republicans for trying to lead us to a fundamentally different America than the one he’s known.
Read the rest at The Stir