April 12, 2011

Budget Battle for 2012 Is Clear

The budget battle for 2012 is clearly laid out.  With the IMF calling out the U.S. and even the AFP (Associated Foreign Press) admitting some very shocking things the budget for 2012 is has to address certain things and it's pretty clear what.

From the AFP, some shocking numbers;
2011 so far has also seen significant increases in spending on defense, Social Security, health and debt service, while receipts have not grown as fast.
and this,
However, she said, the trend shows that taxable income is rising at a 6.9 percent annual pace, and individual incomes taxes are up 20.6 percent, "consistent with general economic improvement."
What's clear?  The spending numbers have to be cut, and cut BIG.   

ON A RELATED NOTE:  Where those personal income taxes come up by 20.6% isn't clear in light of the extension of the Bush tax cuts.

UPDATE: Let's see if Obama's ideas address those problems when he speaks on his budget ideas.  Don't hold your breath.

No comments:

Post a Comment

Disagreement is always welcome. Please remain civil. Vulgar or disrespectful comments towards anyone will be removed.

Related Posts Plugin for WordPress, Blogger...

Share This