I’ve been listening to the pundits analyzing the different (and ultimately meaningless) numbers that both parties are planning to cut out of the current budget. The Democrats wanted $4 billion in cuts, the GOP wanted $61 billion in cuts. They’re negotiating a $33 billion compromise cut.
It isn’t nearly enough.
The federal government took in $128 billion in tax revenues in March, and spent $1.0582 TRILLION in the same time. That translates to the feds spending 8.2 times more than they brought in.
If you or I spent 8 times more than our monthly income month after month, how long could it possibly be before the monthly bill to repay the loan would exceed our total monthly income, or our ability to pay it back?
The Congressional Budget Office says that the U.S. debt will reach 800% of GDP by 2037 if spending levels remain unchanged. We must stop this madness now, and reduce our debt load to much more manageable levels. The debt level should not exceed 30% of GDP; we are currently at 97.3%. GDP was $14.66 trillion, and the debt was $14.26 trillion, as of March 25th, 2011. This is INSANE!
They Feds need to stop overspending immediately and start to live within their means like most American families and individuals have to. They need a balanced budget Amendment to the Constitution by the end of 2012. And the cuts to the 2011 budget should be massive, and not a paltry $33 billion that is barely a drop in the bucket.
The government needs to make the cuts now, while there’s still a choice as to what to cut, because once we hit the tipping point there will be NO choice, and what the politicians are trying to protect today will be impossible to keep tomorrow.
Congress and the President are failing us. They need to get it in gear NOW, and get the job done!
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