This so-called balanced budget merely reduces the rate of increase of the deficit - there is NO increase in taxes or revenues with no significant decrease in entitlement spending. The elderly poor (no political clout) will suffer the brunt of the cuts.
The expression "kick the can down the road" refers to the delaying of having to deal with the deficit. Let the future generations figure it out.
The United States is likely to lose it's AAA credit rating because of the way it DID NOT handle the budget and debt ceiling issues.
This is NOT going to help the U.S. out of the new recession - see:
http://www.msnbc.msn.com/id/43946055/ns/business-us_business/t/signs-double-dip-recession-has-begun/
The winners are still the fat cats and big financial institution and the losers are the little people - see:
http://www.washingtonpost.com/politics/the-debt-ceiling-deal-winners-and-losers/2011/07/31/gIQAHl7FmI_story.html
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