Friday, February 5, 2010 at 12:12PM Do Deficits Matter?
Moody's yesterday warned the United States that the rate of deficit spending could down grade the credit rating on the United States. Bush double the National Debt with excess spending. Obama is going to double the National Debt under his administration. Republican and democrats have a track record of not being able curtail spending deficit spending. The justifications is always some import issue, need or sparking growth with the promise the spending will actually reduced the deficits in the long-term. Clinton claims he had a surplus in revenue during his administration, but if you take out the money from taken from Social Security bank account, Clinton never had a surplus.
I can remember when Senator Monahan fought vigorously against using the savings for Social Security to pay for the U.S budget. Today, Social Security’s bank account is empty, thus, the government has to borrow money to cover every penny of every Social Security check written. This is an example of misappropriation of funds which is a crime in the private sector that the guilty serve time behind bars.
Here’s the skinny on the
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