Federal Deficit

Rand Paul Gets It

Published Thursday, March 10, 2011 A.D. | By Donald R. McClarey

I have never been a fan of Ron Paul, to say the least, but I am rapidly becoming a fan of his son.

Yesterday the Senate in a 44-56 vote rejected the House proposal to cut 57 billion from the budget. Then the Senate rejected a Democrat proposal to cut the budget by 5 billion dollars, 42 to 58.

This year the federal budget deficit will be an estimated one and a half trillion dollars and that is probably on the low side.

Senator Rand Paul of Kentucky voted against both proposals because he believes that neither are serious attempts to come to grips with the sea of red ink which is threatening to destroy this nation’s future prosperity. He is absolutely correct.

He has proposed 500 billion dollar cuts. This would be a serious start, but would still leave a deficit this year of a trillion dollars. Here, hattip to David Fredosso at the Washington Examiner, are the details of his plan: Continue reading →

Spending Spree

Published Tuesday, September 8, 2009 A.D. | By Donald R. McClarey

Broke Uncle Sam

Hattip to Instapundit. John Steele Gordon has a first rate article here detailing how we landed in the debt morass our nation is now bogged down in. His last sentence is a completely accurate assessment of our options: ” Only necessity will force Congress to control long-term spending on its own. And unless the body politic forces the needed changes, that necessity in the form of overwhelming debt is inescapable.”

Concord Coalition: 14.4 Trillion Dollar Deficit

Published Friday, August 28, 2009 A.D. | By Donald R. McClarey

14.4 trillion

In this earlier post I reported that the Obama administration is predicting a 9 trillion dollar deficit over the next ten years. Now, the non-partisan Concord Coalition is predicting here a 14. 4 trillion dollar deficit over the next 10 years.

Continue reading →