World-News

Foundation for Economic Education
by Sheldon Richman

07/09/10

[I]f the deficit is to be eliminated it will have to be through dramatic budget cutting. In the current fiscal year the federal government is planning to spend $3.55 trillion. Among the largest categories of spending are Social Security (19.63 percent); unemployment/welfare/other ‘mandatory’ spending (16.13 percent); Medicare (12.79 percent); Medicaid and the State Children’s Health Insurance Program (8.19 percent); and interest on the national debt (4.63 percent). Of course I’ve left out a category, but it’s one often ignored by deficit hawks: the Department of Defense...

http://www.thefreemanonline.org/columns/tgif/afford-empire/


Informant: Thomas L. Knapp

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Fix the Economy?

By Mike Whitney

Fearmongering about the deficits is a political calculation to win elections and strangle popular social programs. It has no economic value.

http://www.informationclearinghouse.info/article25927.htm



US Deficit Reduction Painful, Commission Chiefs Warn

Eliminating mortgage interest deduction being considered

By Donna Smith

Restoring U.S. fiscal balance is going to be a painful process that mostly requires spending cuts, but also some tax increases, the leaders of President Barack Obama's deficit commission said on Wednesday.

http://www.informationclearinghouse.info/article25943.htm



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