For those who expected our president to present a serious plan to dig the U.S. out of bankruptcy, we are completely disappointed.
The Republican Party plan also is wholly inadequate. The U.S. is headed toward a grotesque economic crisis highlighted when our stock and bond markets panic and shut down while Congress continues to fiddle.
Our 2011 budget deficit is about $1.5 trillion. Our accumulated deficits are $14.5 trillion. The president brags that he will cut $400 billion by freezing "discretionary" spending over 10 years. Peanuts. At this rate, our annual deficit will be a whopping $1.46 trillion.
The Republicans brag about a reduction of $1.5 trillion over 10 years. Pitiful. Our annual deficit would be reduced to $1.35 trillion. Our annual budget and accumulated deficits continue to explode, while politics continue to rule.
Even if we somehow limit annual spending to annual income (balanced budget), we need future annual increases in net income of $700 billion (a surplus) to start modest pay-down of our accumulated deficits over, say, 20 years. Actually, it is worse because huge annual budget deficits are expected in the foreseeable future.
Some say needed cuts can't be done.
To begin, no more cradle-to-grave entitlements and no more nation-building. Sacrifice now or nothing will be left to sacrifice later. Only the truly poor and disabled can be spared.
Let each carefully review the president's 2012 budget presented in March 2011. Then draw your conclusion and contact Congress.
Joseph J. Nelson Bluffton