{"id":4116,"date":"2011-02-15T13:47:39","date_gmt":"2011-02-15T18:47:39","guid":{"rendered":"http:\/\/stonescryout.org\/?p=4116"},"modified":"2011-02-15T13:47:39","modified_gmt":"2011-02-15T18:47:39","slug":"for-perspective-3","status":"publish","type":"post","link":"https:\/\/stonescryout.org\/?p=4116","title":{"rendered":"For Perspective"},"content":{"rendered":"

Think of how big the US economy is; the sum total of all the goods and services produced in an entire year. That’s <\/em>how deep<\/a> our debt is.<\/p>\n

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President Obama<\/a>\u2018s budget, released Monday, was conceived as a blueprint for future spending, but it also paints the bleakest picture yet of the current fiscal year, which is on track for a record federal deficit and will see the government\u2019s overall debt surpass the size of the total U.S. economy.<\/p>\n

Mr. Obama<\/a>\u2018s budget projects that 2011 will see the biggest one-year debt jump in history, or nearly $2 trillion, to reach $15.476 trillion by Sept. 30, the end of the fiscal year. That would be 102.6 percent of GDP \u2014 the first time since World War II that dubious figure has been reached.<\/p>\n

And the budget projects the government will run a deficit of $1.645 trillion this year, topping 2009\u2019s previous record by more than $230 billion. By contrast, 2007\u2019s deficit was just $160 billion altogether.<\/p>\n<\/blockquote>\n

We do not<\/em> need more tax increases. That has not<\/em> solved the debt issue. Spending must be cut, substantially.<\/em> That is one thing that has simply not been tried. The Tea Party exists because of this; the huge debt we are going to pass on to our great-grandchildren if we don’t do something about it now<\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Think of how big the US economy is; the sum total of all the goods and services produced in an entire year. That’s how deep our debt is. President Obama\u2018s budget, released Monday, was conceived as a blueprint for future spending, but it also paints the bleakest picture yet of the current fiscal year, which […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,15,18],"tags":[],"class_list":["post-4116","post","type-post","status-publish","format-standard","hentry","category-doug","category-economics-taxes","category-government"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t