To the editor,
In 2009, the second year of the Obama administration, our U.S. deficit approached $1.5 trillion. By the end of the Obama run, it was less than $500 billion, one-third of the $1.5 trillion. As of September 30, 2019, the deficit has run up again to $984 billion. A “deficit” is the amount of money the government spends over and above the amount of money it takes in, not to be confused with the U.S. debt, which is the amount of money the U.S. owes, which is now a record $22 trillion.
And here we thought the Republican party was “conservative” and wanted to keep the debt down. How much does this debt cost Americans and what are the causes?
Many people tell you it’s because of entitlement programs like Social Security and Medicare. Not true at all!
Social Security and Medicare are primarily funded by payroll deductions, past and present. The three big causes are military spending, due the many wars being funded; tax cuts, which the average American doesn’t see much of; and the 2006 recession which required the TARP bailouts. By the way, the current U.S. debt stands today at $22 trillion. Quite a mortgage. At 3 percent interest, that a $660 billion interest payment. Ugh!
I’m an independent voter and would like to see some independent thinking in our government for once. We need to spend money on our people, not on corporations or billionaires, or other countries.