President Releases 2011 Budget
President Obama released his budget for Fiscal Year 2011 which starts on October 1. It includes $3.8 trillion in spending and expects a $1.26 trillion budget deficit. It’s time we have a rational and reasonable policy debate regarding the budget deficit.
First thing to consider is that the Federal Government is NOT like a household or business. Federal government cannot be forced into insolvency/bankruptcy like an household or business. The other thing is that Federal Government controls a fiat currency system. So next time you hear a politician say “we need to run government like a business” or “when things are tight we need to cut back like families” just tune them out because they are either clueless or just trying to score political points. Federal government is NOT like a business.
Now, that doesn’t preclude Federal Government from wasteful spending on inefficient or unproductive programs - that is a real possibility.
Back to the Fiscal Year 2011 Budget. Here is a chart that summarizes the budget:
If you want to read the whole kit and kaboodle then go to the Office of Management and Budget website. More on the federal budget deficit coming soon.
Good luck.
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