Has anyone ever heard of personal responsibility? People who signed on the dotted line and the ones who gave them the pen are the ones to blame--period. Homes are like stocks--- if you can't afford it--don't buy it.
1) Spending on the Iraq war has been about 4% of federal spending 2) Spending on the military is about 20% of the federal budget (not the 50% you claim)
Social Security, Defense, and Medicare/Medicaid spending are the main spending categories, at roughly 20% of total expenditures each. This adds up to 60% of the budget, which means that there is room in other areas of the budget to cut...BUT, in a time of economic slowdonw, cutting spending is just as bad as raising taxes...no-no-no. Not until we are on a positive growth track!
Problem: We can't keep spending more than we take in...Cut back Due to the variety of special appropriations spending that is excluded from the budget deficit calculations, it can be difficult to determine how much the government actually spends relative to revenues. The increase in the national debt during a given year is a helpful measure to determine this amount. Since FY 2003, the national debt has increased approximately $550 billion per year on average.In relative terms, from 2003-2007 the government spent roughly $1.20 for each $1.00 it collected in taxes.
Raising taxes is probably the only option since we have a national debt approaching $11 trillion and 80% of that debt was accumulated during the two Bushes and Reagan. Supply side economics is voodoo economics, plain and simple. The GOP used to be the party of fiscal conservatism, but Reagan changed all that. Democrats and Obama seems to have some degree of common sense, but neither candidate is being candid with the American people as to the austerity and/or inflation that lies ahead.