So says Obama, who spares nobody in his attempt to save the world
Praise be Obama! Riding on the “dishonest accounting” (he calls it that) of past federal budgets, the man introduced a hotly debated budget plan that will result in a federal deficit four time more mammoth than ever seen in US history – a mother of gods deficit of $1.75 trillion! This at a time when the total US government debt has already reached a historical high of $11 trillion! Before one jumps on the critical bandwagon, one has to note that of acclaim within this deficit is Barack’s attempts to guarantee health care for one and all. Also of praise is the fact that his overall $3.6 trillion budget plan for this year ensures that taxes are more logically distributed – for one, Bush’s insane idea of tax cuts for couples earning $250,000 and more is to be phased out.
America’s economic position has gone over the years from the bad to the worst to now the ugly. And the profligacy of the financial pain has been promoted not just by the government but even by the populace of United States. Look at the ridiculous figures of, say, savings rate of households in the US. In 1981, while the gross US national savings rate was 21%, the same fell to 13.31% in 2004 and further to the lowest ever in history in 2008, 13.03%.
Praise be Obama! Riding on the “dishonest accounting” (he calls it that) of past federal budgets, the man introduced a hotly debated budget plan that will result in a federal deficit four time more mammoth than ever seen in US history – a mother of gods deficit of $1.75 trillion! This at a time when the total US government debt has already reached a historical high of $11 trillion! Before one jumps on the critical bandwagon, one has to note that of acclaim within this deficit is Barack’s attempts to guarantee health care for one and all. Also of praise is the fact that his overall $3.6 trillion budget plan for this year ensures that taxes are more logically distributed – for one, Bush’s insane idea of tax cuts for couples earning $250,000 and more is to be phased out.
America’s economic position has gone over the years from the bad to the worst to now the ugly. And the profligacy of the financial pain has been promoted not just by the government but even by the populace of United States. Look at the ridiculous figures of, say, savings rate of households in the US. In 1981, while the gross US national savings rate was 21%, the same fell to 13.31% in 2004 and further to the lowest ever in history in 2008, 13.03%.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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