debt

The threats facing the American economy are represented in the state of federal budget; they are not caused by it. Such is the blessing and curse of living in a representative republic. The government is made up of the people and they carry with them to government service a reflection of our society’s values. Living beyond our means is deeply ingrained in American culture.

How and why has the U.S. government debt grown since the 1980s and is projected to grow so rapidly in the next 20-30 years, if no spending and tax reforms are implemented?

In every day life, the average citizen does not recognize the importance of the national budget. Seemingly, government spending does not affect the daily lives of citizens.

U.S. government debt has grown since the 1980s due to a simultaneous tax reduction during the Regan administration and the increase in military spending during the last years of the Cold War. Regan believed that less intervention of the government would boost the economy, because people would have more incentives for developing as entrepreneurs. These beliefs were referred by George H.

This edition of the BlogWatch covers the end of last week through the weekend.  The blogosphere leans somewhat to the left this edition, as chatter ensued following comments from GOP presidential nominee John McCain. 

We’ve been drawing down moneys supposedly meant for Social Security… Technology drives medical costs, but we’ve allowed it. Medicare gives a lot more emphasis to procedures, not simple thinking. If we could shift the rewards in the system… We all have the belief that medicine can solve everything."

In Manchester, NH, today, two dozen citizens and Washington and New England leaders came together today to try to find common ground on addressing the nation's $9 trillion debt and its component causes--rapidly rising health-care spending, Social Security, discretionary spending, and taxes.

Talking about the problems that most concerned them, participants said:

The Concord Coalition puts out its analysis of today's Democratic budget resolution. The good news: pay-as-you-go rules. The bad news: the handling of war costs, entitlements and spending caps.

Congress is taking up its budget resolution today, the Democrats' answer to

Democratic leaders say they want to have a budget resolution by next Friday.