Can the government stop spending more than it takes in? What happened to all this talk about austerity?
The US Treasury reports that the Obama administration was responsible for spending 3.6 trillion dollars in fiscal year 2011. During the same period the government took in 2.3 trillion, resulting in a deficit of 1.3 trillion. Government officials talk and talk about spending cuts while spending more and more. We had deficits before Obama but they increased tremendously the past three years. Unless the government reduces spending, and drastically, we are headed to a condition like that of Greece.
The US Treasury reports that the Obama administration was responsible for spending 3.6 trillion dollars in fiscal year 2011. During the same period the government took in 2.3 trillion, resulting in a deficit of 1.3 trillion. Government officials talk and talk about spending cuts while spending more and more. We had deficits before Obama but they increased tremendously the past three years. Unless the government reduces spending, and drastically, we are headed to a condition like that of Greece.
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