Analysis
President Obama unveiled his 2012 budget proposal on Monday, consisting of budget cuts and tax increases, which the administration says will reduce the deficit over the next decade, and calling for $3.73 trillion dollars in federal spending.
According to a Wall Street Journal report, the White House has projected for 2011 the largest deficit in our nation’s history: $1.65 trillion.
House Republicans—spurred on by Tea Party freshmen—have proposed $100 billion in cuts for the current 2011 budget.
Support for the efforts of House Republicans will be sustained if they—in response to midterm voters—make a priority of cutting spending now.
Although House efforts may die in the Senate, the political climate has changed, and voters are demanding that federal representatives position themselves on this issue through their actions and votes—and be held accountable in the future.
A recent report by the National Journal attempted to illustrate just how much money $3.73 trillion really is. According to the report, $3.73 trillion means each citizen could be given $12,000. Be mindful that this is not referring to each adult, or each voter, but every adult and child in the country. The population of the United States is over 307 million people, according to the latest census data.
For example, 3.73 trillion one dollar bills placed end-to-end would stretch from Miami to Seattle 3.6 times. The same number of $1 bills, if stacked, would be as tall as 2.4 million Washington monuments.
The funny, frightening examples illustrate the absurdity of trying to understand this amount of money. But according to the red ink on our nation’s ledger, it’s the debt our country needs to pay back, just to break even.
Self-interest and political positioning is at stake for both parties, and it remains to be seen whether the focus changes or is swept away by a populist tsunami in 2012.
So does the nation have an out of control spending problem? In a time of economic crisis, $3.73 trillion is an incomprehensible amount of federal spending, regardless of where it goes.
According to a Wall Street Journal report, the White House has projected for 2011 the largest deficit in our nation’s history: $1.65 trillion.
House Republicans—spurred on by Tea Party freshmen—have proposed $100 billion in cuts for the current 2011 budget.
Support for the efforts of House Republicans will be sustained if they—in response to midterm voters—make a priority of cutting spending now.
Although House efforts may die in the Senate, the political climate has changed, and voters are demanding that federal representatives position themselves on this issue through their actions and votes—and be held accountable in the future.
A recent report by the National Journal attempted to illustrate just how much money $3.73 trillion really is. According to the report, $3.73 trillion means each citizen could be given $12,000. Be mindful that this is not referring to each adult, or each voter, but every adult and child in the country. The population of the United States is over 307 million people, according to the latest census data.
For example, 3.73 trillion one dollar bills placed end-to-end would stretch from Miami to Seattle 3.6 times. The same number of $1 bills, if stacked, would be as tall as 2.4 million Washington monuments.
The funny, frightening examples illustrate the absurdity of trying to understand this amount of money. But according to the red ink on our nation’s ledger, it’s the debt our country needs to pay back, just to break even.
Self-interest and political positioning is at stake for both parties, and it remains to be seen whether the focus changes or is swept away by a populist tsunami in 2012.
So does the nation have an out of control spending problem? In a time of economic crisis, $3.73 trillion is an incomprehensible amount of federal spending, regardless of where it goes.
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