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Why you'll pay for federal spending cuts

Discussion in 'Money Talk$' started by KenH, Oct 25, 2008.

  1. KenH

    KenH Active Member

    May 18, 2002
    Likes Received:
    Regardless of what the presidential candidates say now, changes are coming in defense spending and the Social Security and Medicare programs.

    Why you'll pay for federal spending cuts

    McCain and Obama promise billions in unspecified savings, but it's your beloved Social Security, Medicare and military spending that should be on the chopping block.

    By Steve Hargreaves, CNNMoney.com staff writer
    Last Updated: October 24, 2008: 3:46 PM ET

    NEW YORK (CNNMoney.com) -- Slashing government spending is certainly a phrase that plays well on the campaign trail.

    But real spending cuts won't mean fewer school administrators or less environmental red tape. Real cuts mean that you'll have to live with a smaller military, put off your retirement and pay more for your health care - and that's something neither presidential candidate seems willing to admit.

    The government spends about $3 trillion a year, which is equivalent to about 23% of the nation's total economic output. Over half that $3 trillion is spent on three things: defense, Social Security and Medicare.

    If the nation is going to seriously deal with its long-term budget problems - that could create a $52 trillion shortfall over the next few decades, 70 times larger than the current Wall Street bailout - it's going to have to cut spending in these three areas.


    "Neither candidate's budget has shown a blueprint for getting the budget under control," said Riedl. "If we don't reform the current spending trends, we will bankrupt the country. There is no way around it.


    - rest at http://money.cnn.com/2008/10/24/news/economy/spending/index.htm?postversion=2008102405
  2. billwald

    billwald New Member

    Jun 28, 2000
    Likes Received:
    We will pay because Obama and McCain are both honest politicians. When you buy them, they stay bought. Whoever gets elected will remember Lincoln and JFK.