Wednesday, May 11, 2011

Budget Whack a Mole | projects

Holy Cow, I wish this much attention was being paid to the budget when it was being doubled in the ten years leading up to 2008. As was the case last year, it doesn't matter what budget is passed, tax revenues will likely fall short, and even more spending cuts are going to have to be made.

Gov Dumpling is going to be hard pressed to get her education agenda in there without offering up offsets in spending somewhere else. Can't raise taxes and can't blame it on the Republicans. We're in the worst economy in seventy years, and I would advise the state to start planning for further cuts.

As energy and food prices continue to climb and stimulus spending trickles upward, wages remain flat, and it's highly likely the wheels come off the economy before 2012 elections. Barry Goldwater said that federal pensions and interest on the national debt will freeze federal spending by 2020, and we may arrive at that destination sooner than anyone realizes when federal deficit spending collides with a sell off in US treasuries.

A federal balanced budget amendment is what is needed now, as well as tax reform for both individuals and corporations to counter accumulation of wealth in the top 1% of US households, who aren't paying their fair share. Federal pensions will continue to garner their automatic COLA, while everyone else except the the wealthy suffer, and the poor suffer the most. No, Progressive Pulse, that doesn't mean spend more :), it means balance the federal budget, and reform tax policy. It will take an act of God to accomplish, and God help us all.

Budget Whack a Mole | projects

No comments:

Post a Comment