OOPS!! Looks Like We Missed 'Projections' - Again !
We doubt you missed it, but for the 4th year in a row, the Office of Management and Budget (OMB) has estimated that our Federal Budget Deficit will exceed One Trillion dollars... Yes, trillion with a T. Yet again... As you can see from the chart above, the OMB had originally guessed - and that's what it is - in mid-2008 at $200 Billion.. Six months later, it rose to $300, and once the Obama Administration go a hold of the budget, it almost doubled from there, to $600 Billion. Well, they were off.. This time by another $500 billion.
The OMB thinks 2012 will show a $1.1 trillion deficit. To us, this stuff is getting out of hand. While we would prefer the budget deficit be at or near zero, we are realistic here. Could we at least try to get to the $300-400 billion area again for now? While we would like to see a 3-tier flat tax, with almost all deductions eliminated, we know we have to work within the framework of the existing structure. Whoa, way too many big words there... Here's some suggestions:
End the Bush Tax Cuts
End the Social Security Cap
Raise the Retirement Age
Put SSN Funds in Higher Earning But Safe Investments
Cut Medicare Fraud
Shrink Overseas Military
Cut All Dept Budgets 5-8%...
There you go... There's some suggestions. Of course, the Simpson-Bowles Commission gave them a bunch of suggestions - and Congress ignored them all. We doubt in this Election year, anything will get done. Of course, if they did do something, changes are they'd likely get re-elected. We know it's a foreign concept, but doing the right thing often gets you another term - but why do that?