Debt Management: Is There Any Hope For America’s Debt Problem?
Wouldn’t it be nice if our politicians in Washington D.C. simply decided that we are not going to spend more money then we bring in? That would just seem to be common sense. After all, what do most of those big time debt management seminars teach? Most of the time they tell families with debt problems that the very first thing that they need to do is to stop spending so much darn money. Well, with the U.S. government things are just not that simple. In fact, even the most “crazy” budget proposals floating around Congress right now would not balance the federal budget until 20 years from now. The truth is that there does not seem to be much hope for America’s debt problem. In fact, it appears to be inevitable that it will continue to get worse long into the future.
So is there anyone in Congress that is serious about balancing the budget right now? Well, there are a handful of politicians in Washington that want to address the problem right now, but they are generally labeled as “extremists” by the mainstream media.
Instead, the mainstream media has been focusing on the brutal fight over the small budget cuts that the establishment Republicans are proposing. CNN, Fox News and MSNBC make it seem as though this is a “life or death” fight, but the reality is that it really isn’t going to make much of a difference no matter who wins.
Right now the Obama administration estimates that the federal budget deficit for fiscal 2011 will be approximately 1.6 trillion dollars.
The Republicans propose to reduce that amount by 3.8%.
The Democrats say that they only want to cut it by 2.1%.
Wow, both parties are really wielding the budget-cutting axe, eh?