Deficit Out Of Control

From the Richard Moore Blog

Assessing the deficit
Posted by Richard on January 27, 2011 at 9:41 AM 

The deficit is really, really out of control and nothing makes that clearer than yesterday’s CBO report showing deficits of $1.4 trillion in 2009 and $1.3 trillion in 2010 – which, measured as a share of gross domestic product, are the largest since 1945, representing 10 percent and 8.9 percent of the nation’s output, respectively. What’s more, for 2011, the CBO projects that if current laws remain unchanged, the federal budget will show a deficit of close to $1.5 trillion, or 9.8 percent of GDP.

So we really, really have to cut spending, and that means we have to look at deficit drivers, especially Medicare and Medicaid, programs that have become too costly to sustain at their current levels.

You can read the rest and more at his blog.