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The equation is simple. Our annual GDP for 2010 stands at $14.5 trillion dollars, about a quarter of the world's total, while our total public debt stands at a little over $14 trillion dollars. Just like a credit card, the debt will be charged interest, unless we make a full settlement on the sum - which we can't afford to. Now, let's throw a little fuel on the fire. We are incurring a projected $1 trillion dollar deficit for the next fiscal year, which will continue to grow with each passing year. By the look of things, we will owe more money than we earn for the first time in our history next year. Let's throw in some firewood. No one will lend us any more money, or rather, no one is capable of lending us that much money. Essentially, we're looking at bankruptcy in the very near future.
The Republicans insists on an immediate halt on any further spending until the deficit is brought under control. The Democrats fear that such an action will throttle economic growth and spook our lenders, and consequently, destabilize the financial sector and create a domino like effect that will result in the collapse of our economy; hence the proposal to yet again raise the debt ceiling and pay for it by increase tax rate even higher.. You worried yet? Join the club, and start paying attention to the numbers quoted by the candidates here.
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Declared 2012 Democratic Presidential Candidate
Current President of the United States
Barack Obama
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Obama Position on the Budget
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• As the country squirms through recession, President Obama's budget plans to reduce the decades
of economic inequality that prevails in the United States. By bringing in a progressive tax code
which would involve raising the tax rates for the high income category proportionately and
increasing the tax cuts and credits of the middle and low income stratum.
• An overhaul of Health care thereby bringing down private health costs is in the agenda. He
signed the American Recovery and Reinvestment Act aimed at creating 3.5 million new jobs, making
important infrastructural investments and giving tax reliefs to 95% of working class Americans.
• The President aims for a long term plan for the country concerning clean and renewable energy.
By developing alternative sources of power like solar, bio fuels, thermal power etc he plans to
lessen imports of foreign oil thus reducing existing deficits.
• By focusing on energy efficiency and conservation, and curbing emissions the country would curb
deadly pollution thereby playing an active role in climate change issues.
• Obama recognizes the role of children and youth in shaping the quality of America's future
demography and thereby supports reforms like 'No Child Left Behind' and improving education in
general right from the kindergarten level, giving essential training and skills to teachers and
rewarding them for their good work etc.
• He aims to make college education accessible to all who are competent by expanding Pell Grants
and initiating new tax credits.
• Obama chooses to cut down on war costs in Iraq and Afghanistan and proposes to keep aside $250
billion to bail out the US financial industry besides the $700 billion already set aside.
• Before his election, Obama said that he would require disclosure of all congressional pet
projects and force lawmakers pay for any new spending or tax breaks through new revenue and cuts in
other programs.
More on Barack Obama
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