CBO...US Budget Deficit 2nd Highest Ever
The Federal government is still spending $ 1.29 Trillion more than revenues it brings in on a yearly basis. The proposed future Budgets are nearly as bad, sustaining annual Deficits as far as the rational mind can contemplate.
MarketWatch.com reports, "In a statement, Treasury Secretary Timothy Geithner said that the
deficit remained elevated as a result of the continued effects of the
financial crisis in 2008 and 2009, “which have put a persistent strain
on revenue and outlays."
Notice the Obama Administration is still blaming George Bush instead of admitting their economic policy failures. The business community consistently states that they can't make hiring decisions due to 3 primary reasons:
1. ObamaCare...which restricts their ability to hire and finance new employees.
2. Regulation Strangulation...which hampers their ability to make profits and delays new private expansion
3. High Corporate Tax Rates...which make it impossible to compete internationally.
I would add a number 4 into this mix...the long term instability caused by runaway unsustainable Annual Budget Deficits...which will make higher Taxes inevitable in the future. It's the SPENDING STUPID !