FY 2011 budget
Week in Review: January 30 - February 6 , 2010
February/08/2010 17:14 Filed in: Week in Review
Well, after a lot of happenings in the last couple of weeks, this week was less hectic, except in terms of stupendous changes. The first being the proposed budget sent to Congress by President Obama. The second being the weather in places a lot of people live on both the left and right coasts.
Last Monday President Obama released his proposed budget for fiscal year 2011. The proposal listed $3.83 trillion in spending, much to fight the continuing economic malaise, all of this showing the biggest deficit percentage since 1945. It is hoped this year’s deficit will come in around $1.6 trillion to be followed with something around a trillion in 2011.
As discussed by the spin-doctors and pundits, this is either the salvation or the end of the economic world, as we know it. What all these people are hoping for – is through the budget, or changes to the budget, we can return to the prosperity that the nation and the world we hoped would continue forever, namely the 1990s.
What no one seems to understand is that the ‘90s were funded basically by the housing bubble, monetarily securitizing that debt, and selling it to the rest of the world. To believe that we can do it all again, with some other zero risk – get rich scheme, borders on stupidity, if not insanity. I suppose the good news, as bad as the United States economic woes; the dollar has rebounded, thanks to things being worse elsewhere.
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Last Monday President Obama released his proposed budget for fiscal year 2011. The proposal listed $3.83 trillion in spending, much to fight the continuing economic malaise, all of this showing the biggest deficit percentage since 1945. It is hoped this year’s deficit will come in around $1.6 trillion to be followed with something around a trillion in 2011.
As discussed by the spin-doctors and pundits, this is either the salvation or the end of the economic world, as we know it. What all these people are hoping for – is through the budget, or changes to the budget, we can return to the prosperity that the nation and the world we hoped would continue forever, namely the 1990s.
What no one seems to understand is that the ‘90s were funded basically by the housing bubble, monetarily securitizing that debt, and selling it to the rest of the world. To believe that we can do it all again, with some other zero risk – get rich scheme, borders on stupidity, if not insanity. I suppose the good news, as bad as the United States economic woes; the dollar has rebounded, thanks to things being worse elsewhere.
Read More...