Monday, February 1, 2010
"Huge Deficits May Alter U.S. Politics and Global Power"
The deficit for the U.S. as of now is 11% of the country's entire economic output. The crazy thing that this article discusses is that buried deep inside Obama's budget plan America's deficit will not return back to sustainable levels over the next ten years. The reason for this is that his plan is trying to create jobs now to lower the unemployment rate. If they do not spend money now and create a bigger deficit, the unemployment rate is going to soar. Obviously no one wants to hear this kind of news. It is honorable that Mr. Obama is being completely honest with his plan and not sugarcoating.
Subscribe to:
Post Comments (Atom)
I agree in saying that it is admirable for President Obama to provide the cold hard facts to a suffering nation. His plan to stimulate employment and reduce the 10% unemployment rate has been his number one priority as addressed during his State of the Union and thus it is important that he presented the honest facts to the nation about budget deficits.
ReplyDeleteIt is a slippery slope that will probably be traversed by the nation for the first time in the last 50 years where American politics face direct challenges as a result of a faltering economy. Hopefully creating jobs will continue to stimulate income and GDP to offset rising deficits if not the ever proud nation may lose its' clout as the political and economic powerhouse of the world.