U.S. deficit climbs into record territory for first 11 months
WASHINGTON - The federal deficit surged higher into record territory in August, hitting $1.38 trillion with one month left in the budget year.
The soaring deficits have raised worries about the willingness of foreigners to keep purchasing Treasury debt. The Chinese, now the largest foreign owners of U.S. Treasury securities, have expressed concerns about runaway deficits. Treasury Secretary Timothy Geithner and other administration officials have sought to address those concerns by insisting that once the recession is over and the financial system is stabilized, the administration will move forcefully to get the deficits under control.
However, Republican critics contend the administration does not have a credible plan to address future deficits. Private economists worry the country could face the grim prospect of seeing interest rates soar in future years and the dollar weaken as foreigners dump their U.S. holdings.
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7 comments:
#1 solution, end social security retirement benefits for individuals 30 or younger (includes me!). Announce it now, we can adjust, keeps the system solvent for those depending on it now. And I'm more than willing to continue paying into the system that services my grandma
#2 Enact a health care plan that spurs economic growth by making it easier for small business to provide insurance (or absolves them from it by making individual insurance affordable)
#3 Create a employment barrier for illegal immigration, thereby opening more jobs for legal workers. Lower unemployment = more income tax + lower benefits costs= higher revenues
#4 Couple the new opening of employment opportunities in agriculture and service sector to the welfar office. These people can work the jobs now vacated by illegals.
I got more. Vote for me!
The only solution:
Eliminate ALL entitlements!
Charge all the countries our servicemen bailed out over the years for services rendered.
A tremendous amount of this debt is because of the medicare drug program with no way to pay for it.
Thanks President Bush, but it got you reelected.
The drug program is peanuts compared to what cap & trade and health care are going to cost The one promise from the Democrats that will happen is everyone will be equal. All of us, including the newborn, will be about a million in debt.
And you want to spend another trillion dollar on a healthcare bill. That won't even do what it is suppose to do. It will not give everyone healthcare but it will give it to the illegals. IT ALSO WILL NOT COST LESS BUT MORE. So why pass a healthcare bill at all. Just an in to control your lives. Total government control.
I'd take Anon 5:43's posting at face value.
I hope, when you receive your social security benefit statement next year, that you'll cut a check in the appropriate amount, made payable to US Dept of Revenue. Or at least to your favorite charity. If you're not doing either, spare us.
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