http://news.yahoo.com/s/ap/20100305/ap_on_go_co/us_budget_deficits_3
Congressional estimates show grim deficit picture
By ANDREW TAYLOR, Associated Press Writer Andrew Taylor, Associated Press Writer
Fri Mar 5, 6:17 pm ET
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WASHINGTON – A new congressional report released Friday says the United States’ long-term fiscal woes are even worse than predicted by President Barack Obama’s grim budget submission last month.
The nonpartisan Congressional Budget Office predicts that Obama’s budget plans would generate deficits over the upcoming decade that would total $9.8 trillion. That’s $1.2 trillion more than predicted by the administration.
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Time for a serious acknowledgment. This generation was “robbed” by the last in the Social Security Ponzi scheme, as well as the continual addition to the debt. So to are we “robbing” future generations by piling on the debt and unfunded liabilities.
So what is the answer?
Well, clearly each year, the demographics change as to the intergenerational population. So there’s MUST be year to year deficit neutral budgets. Since there has to be a true up in the next financial year. So any deficit must be corrected in the following year. Since we can NOT eliminate the debt build up over 70 years in a few years, we need to have a 70 year deficit reduction plan. CLEARLY, we can’t have unfunded liabilities or off-budget expenditures.
So, it’s a giant mess.
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Reinke Faces Life 