Friday, October 8, 2010
2010 deficit near $1.3 trillion
Well, if the morbid jobs report and the weak dollar were not bad enough, the Congressional Budget Office added their estimate of the budget deficit as of September. A whopping 1.3 trillion certainly does not alleviate the headaches in the minds of Americans. Overall, the money spent by the government actually declined. Yet, as evidenced by the jobs report, a substantial amount of people are still out of work. Thus, transfer payments for the unemployed rose a large 34%. We certainly need to reduce unemployment benefits and welfare payments. In fact, all transfer payments need to be examined closely for sheer excessiveness. Although this will never happen..
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I agree with the fact that government should reduce unemployment benefits to encourage people to look for jobs. However, with the current low level of unemployment and low demands for goods and services, people are less likely to find jobs. Reducing unemployment benefits might help with the deficit, but it certainly does not help solve unemployment.
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