Does anyone else think cutting the deficit by $3 trillion over 10 years is a pathetic joke?
When the deficit is $1.5 trillion per year?
Over 10 years that's $15 trillion in new debt minus the $3 trillion leaves $12 trillion plus the present debt of $14.5 trillion.
This plan will make the debt $26.5 trillion in 10 years.
How is this a good plan?
- Leslie GoudyLv 79 years agoFavorite Answer
I keep saying that and people don't get it. They don't understand if you raise taxes on the small businessman who pays together with Federal and State Conservatively 40 percent and He Can have a State Run Business in China. Our whole way of living is going up in smoke because of Obama's inability to understand Simple Economics. It is so Simple. They are dumbed down. I know because I used to be.
- megLv 79 years ago
It depends on how much if government spending is protected from cuts. If you exclude the military, and medicare, it is a lot. To actually address the budget problem you will have to do something about spending on these since the recession (which will end), the bush tax cuts (which will add 4 trillion if left in place) and increase spending on them are what has changed since 2000 when we did not have a deficit
- Anonymous9 years ago
No, it shows that cutting alone does not work. We need more revenue. If the Republicans and the T Party are really serious about cutting the deficit, then they should agree to additional revenue by taxing the rich. Since they refuse to consider additional revenue, it shows that they are not serious about the deficit, but they have ulterior motives. It appears that they just want to stall the economic recovery, may be even reverse it, in an attempt to deny Obama a second term.
- gusellaLv 43 years ago
purely people who think of we are in a position to decrease all spending, no longer enhance taxes, and by some ability pay off the $14 trillion. in case you decrease the deficit to 0, it might nevertheless no longer do away with the $14 trillion we've already got, and in case you refuse to enhance taxes, no longer purely would it not nevertheless be there in ten years, yet no longer something would have been paid for interior the intervening time. you are able to't decrease adequate from the funds to pay off something with out shutting down the government, which contain the armed forces and the IRS, which you will prefer to maintain gathering taxes to start up paying it off. How lots interior the way of taxes do you think of you will then assemble? the full government annual earnings suitable now could be $4.5 trillion a year. of direction, as quickly as you kill Social protection, nutrition Stamps, Medicaid, etc., lots much less would be spent by utilizing those people, extra to each and all of the funds that became now no longer spent by utilizing the armed forces and government workers and the inability of the companies that would desire to fold because of the fact of drop off of sales and you are able to in all likelihood decrease that throughout the time of 0.5. meaning it might take approximately 7 years for a non-existent government to pay off the debt. Are you going to do it by utilizing person assessments? It purely sounds loopy to you in case you think of that the only element affecting the numbers are the numbers themselves and that there will be no outcomes for what you prefer to do.
- How do you think about the answers? You can sign in to vote the answer.
- Bobby TimsLv 69 years ago
Yes - these ten year plan never work out the way they are predicted. In 1999, the CBO was predicting multi billion dollar surpluses in 2011.
If the politicians were honest, they would talk about how much is coming in now and how much is going out now. But it's tough to make a compelling TV commercial doing that.
- clean truckLv 79 years ago
3 trillion a year the first year and then 1 trillion per year for the next four years would actually do something to help.
- lilbizzy1861Lv 59 years ago
Makes you wonder why Republicans feel like taxing the rich isn't right? We all have to sacrifice something, why are they excluded? Yes i understand that those businesses and corporations create jobs but when their profits are in the billions.... i think they can let a couple million go for the sake of our nation who allowed them to be so succesfull in the first place.
- 9 years ago
The budget is not going to balance until the economy starts growing again and tax revenues rise, along with spending cuts. We're not going to get there just by cutting spending back to 1950's levels.
- lockesmithLv 69 years ago
That is why revenue has to be raised too.
That means returning to the Clinton tax rates.
Closing tax loopholes for corporations.
and, my own personal favorite though not on the table, getting rid of congresses retirement and medical plans.
- 9 years ago
I believe that they mean the final outcome will make our debt three trillion less then what it is. But with that kind of mediocre compromise, America will still be faced with debt for nearly fifty years.