WHILE YOU WERE SLEEPING - Deficit, Deficit, Deficit

(08/27/2007)

By Bob Weaver

Social and infrastructure money is being cut across the USA in an attempt to bring the nation's budget back in control.

It was announced this week that West Virginia will lose $8 million, used to collect support payments for low income families.

This and other major cuts are being made through the federal Deficit Reduction Act.

CATCHING UP WITH YOUR MONEY

One thing is certain about the Iraq war. It has cost a lot more than advertised. By the time US troops pull out, costs could soar well over $1 trillion.

For those of you who believe the war is about oil, when the smoke clears, it's not very likely we'll get it.

The National Budget Deficit, improving a little because of the cuts, will be $158 billion this year.

The Budget Deficit simply means that the USA spent $158 billion more than it took in, resulting in the country becoming a debtor nation and the value of the US dollar declining around the world.

The Budget was balanced when President Clinton was in office, after years of the Democrats bad spending habits.

The "free trade" Trade Deficit is $480 billion so far this year.

The trade deficit is a calculation of the difference between the goods and services Americans sell to foreigners and the goods and services that Americans purchase from foreigners.

Economic theory says that trade deficits correct themselves. But the theory has proved wrong over the last 30 years as the United States has run consistent and increasing trade deficits.

The enormous size of the trade deficits over the last several years raises the possibility of a severe international economic crisis should foreign countries begin to dump the dollars they hold in world currency markets.

The value of the American dollar continues to decrease.

The National Debt is now at $8.9 trillion dollars, the country following a spend-spend plan that would destruct the economy of any family or business, and could eventually destroy the country.

Economists say not to worry.

History's track record of how economists have performed is rather poor.


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