It is hard to read a paper or listen to the news without hearing the words “budget” and “deficit”. To make things more confusing you have politicians on the left and right yelling “this is no time to cut spending or” “the sky is falling.” As if that is not enough, the economists can’t even agree – The debt is no big deal, interest rates are low or we are headed for hyperinflation and higher interest rates.
My opinion is irrelevant but actually is that something has to give and most of that giving will be done by all of us…paying more for less.
In any case, if you want the depressing facts from an unbiased source take a look at this report from the Congressional Budget Office. It provides a good explanation of where the big spending is (you won’t like this story) and what options we have to try to get things back to a marginal level of fiscal sanity (you’re going to like these gems even less).
You can link to the US Debt Clock by clicking on the Blog Roll link on the right side of this page. You can also link to the CBO Director’s Blog.
Related Articles
- February federal budget deficit sets record (sfgate.com)
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