1. Military health care ($166 billion) and retirement pay ($116 billion)
2. Federal retirement pay ($36 billion)
3. Agricultural subsidies ($30 billion-$33 billion)
4. Food stamps ($20 billion)
5. Flood assistance ($4 billion)
6. Home Health care services ($50 billion)
7. Pell Grants and other higher education funding ($10 billion)
8. Medicaid and other low-income health care ($110 billion)
9. Medicare ($250 billion). Obama would increase premiums for higher income people and raise the eligibility age from 65 to 67
10. Tax reform ($800 billion-$1.6 trillion). The higher figure is Obama's
11. Social Security ($112 billion)
12. Tax loopholes ($180 billion)
13. Elimination of Bush tax cuts for the wealthy ($950 billion). The tax cuts added $1.8 trillion to the deficit 2002-2009.
(Graphic: moneymorning.com)
When we keep spending more than we bring in, it can't end well. It's hard for me to understand how we got trillions in debt to begin with. Live within your means. It's not a hard concept to understand. I suspect the taxes on the wealthy will come first, but it won't be enough, and ultimately the middle-class will be heavily taxed to make up for the deficit. Troubling economic times that, I think, are about to get much worse.
ReplyDeleteGina: How we got into this debt, following the huge surplus left by Bill Clinton is that we went to two wars and dramatically cut taxes at the same time. You can do one or the other, but you can't do both. Simple, time-tested equation.
ReplyDeleteIt's awesome to pay a quick visit this web site and reading the views of all mates about this piece of writing, while I am also eager of getting know-how.
ReplyDeleteMy web site :: leanmusclex.net