Monday, April 30, 2012

Federal Budget in Pictures

Many word pictures have been drawn of the situation we face as a nation with regard to our spending and debt situation, i.e. "rearranging the deck chairs on the Titanic." Let me try one.

We are driving toward a cliff at 100 mph. Next year, we will be going 110. I don't know when we will reach the abyss, but the dive into the ravine will be quick and spectacular. Kind of makes me think of that scene from "Groundhog Day."

Republicans in the House recently passed a budget that cuts over $5 trillion out of the budget over ten years. Problem is, this budget reduces annual deficits from around $1.5 trillion per year to $1 trillion per year. Not good enough.

The solution? We need a Congress willing to cut spending, not the rate of growth. The Republican Study Committee has submitted a budget that balances in five years. But, there aren't enough conservative Republicans in Washington to pass this budget, even through the GOP-led House.

The Heritage Foundation has released a series of charts and graphs that clearly depicts the state of our nation in regards to spending, revenue, debt and deficits, and entitlements. It shows with startling clarity how serious our financial state is in America. Read all about it here.

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