President Bush, who I love (see last post) is pretty proud of himself. He set a goal to have a budget surplus by 2012, four years after he has left office, and it looks like it might actually happen. Whoopee!
Today’s deficit estimate release by the Congressional Budget Office is good news for American taxpayers. Like the estimates put forward by the Office of Management and Budget, it shows that our government is on a path to meeting the goal I set forth of putting the budget into surplus by 2012. Balancing the budget requires keeping the economy strong, keeping tax rates low, and keeping spending in check.
Through tax relief, we cut taxes for American families and reduced tax rates on dividends and capital gains — energizing small businesses to invest and expand. And since we lowered these important tax rates, the economy has created more than 8 million jobs, increased wages, and grew tax revenues that will lead to a surplus.
Am I supposed to be excited that we are still spending more than we bring in, just not as much? Is that supposed to get me all kinds of giddy? Hmmm?
He could solve this budget deficit problem with a few laser guided cuts in the Federal government. Start at the Department of Health and Human Services. After you have gutted that monstrosity, we can talk about me being excited about the budget. Then we can move on to Medicaid and Medicare, the Department of Education and Federal transportation funding.
But I still refuse to celebrate budget deficits, regardless how small they are.
The public has to pay interest on the national debt resulting from the budget deficit unless there is some alternative debt relief plan. To keep your finances under your own control you beware of falling into any credit cards trap that allure you to spend money that you don not have! Even cheap personal loans take six to seven years to repay your debt obtained on american credit cards. The credit card issuer will penalize you for any late payments too. In this scenario home loan bank seems to be preferable to any other source of credit.
