Word: deficits
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...September, the DPJ will take over as the official ruling party, with the Diet's election of Hatoyama as Prime Minister and the appointment of ministers. That leaves 100 days for the new administration to draft a budget for the next fiscal year that doesn't increase the national deficit - now at 180% of GDP - but still holds to its costly election-year pledges. If the national budget is not prepared by the end of the year, the green shoots of economic growth could...
...Obama, that we have to destroy the village in order to save it, bust the budget in hopes we'll someday balance it, play to self-interest to promote the national interest? Just as the Cash for Clunkers frenzy reached its peak, the Administration quietly released new deficit projections, which pointed to a $9 trillion gap over 10 years. In the middle of a national nervous breakdown over out-of-control spending, we took a summer break from puritanical fretting and got all excited about a federal subsidy for something we already buy more of than we need...
...integrated sports technique at Milan's Catholic University, warns against reducing athletic performance to a series of statistical charts. "It's right that we respect the values of science," he says. ""But mental strength, determination and, yes, religious force, for one month's time, can easily overcome the deficit in proper nutrition." (See a TIME video on Lebanon's landmine soccer team...
This year's federal deficit is the result of declining revenue - people are making less money so they're paying less in taxes - and increased spending. So far, the government has spent $530 billion more this year than it did last year, a number that includes $169 billion for the Troubled Asset Relief Program (TARP), $125 billion for the American Recovery and Reinvestment Act and $83 billion to bail out Fannie Mae and Freddie Mac. And that doesn't even account for the spending scheduled for next year. Add to this the projected $1 trillion price tag of Obama...
...luck we won't be in a recession anymore, so revenue will be up and stimulus spending will disappear. The real budget problems lie in the long-term programs, such as Medicare and Social Security: Medicare's 2003 prescription-drug program has added nearly $1 trillion to the deficit and baby boomers' looming retirement will stress Social Security's already financially precarious situation. It's one thing to spend our way out of a recession. It's entirely different if we keep doing this forever. The U.S. is currently burdened with $11.7 trillion worth of debt and it's growing...