Our country is in for even more terrible times for the long haul, if things are not done to try to reduce our deficit and get the economy back on track.
The Obama administration is promising to fix this but actions speak louder than words!
Monday, October 19, 2009
U.S. deficit biggest since 1945
In this special report by CNN money, the official numbers are in for the government from the Obama administration at the close of 2009's fiscal year. The official deficit ran by the government for 2009 (fiscal year) is $1.42 trillion, which is a 212% increase since last year. Tax revenue fell 16.6%, while spending skyrocketed 18.2% compared to last year's numbers. There are many reasons for this "rising unemployment, the economic slowdown and the extraordinary measures taken by lawmakers to stem the economic meltdown that hit in fall 2008."According to data from the Treasury and the White House Office of Management and Budget, this is "the worst year on record since World War II."
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Obama knew his administration would be dealing with a deficit when they came into office. Currently, it is up to them to figure out this mess and get us out of it- Americans will be able to handle this slumping economy for a little bit longer due to the economic meltdown last year, but if this issue does not get resolved there will be some very angry people in this country wanting a "change"... the slogan I believe Obama used for his campaign.
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