The Economy Problem

       As we finish our fourth of July weekend, we will be awakened by both fireworks in our towns at night and fireworks in Congress tomorrow morning. 

The argument in congress has to do with raising our national debt limit so we can borrow more money to run our government. 

    The Republicans threaten to defeat raising the debt limit, putting the country in default and shutting down a major part of government, unless there are major spending cuts and no raising of revenues or taxes. 

      The Democrats want to add revenues such as those that are obtained from eliminating tax breaks to oil companies and making hedge funds pay taxes like everyone else instead of the 15% they now pay.

       The Republican problem is where to demand the cuts? They refuse to cut military spending, and they recently found out that Paul Ryan's proposed budget to cut Medicare by paying you to buy insurance, instead of the government paying for your medicare has already cost one seat, and is causing a lot of problems. Funny though all 225 republicans in the house voted for it. In order to look at the problem I think a Pie chart would allow us to see where our taxes go. Check?

The total Us budget for 2010= $3.552 trillion

of that the US will have to borrow $!.171 Trillion or approximately 1/3 of our budget.

The major expense is Social Security at                              19.6%   or      $696 billion

 Our Military Industrial Complex at                                     18.7%   or     $664 billion

 Unemployment, Welfare, & other Mandatory Expenses        16.1%   or     $572 billion

 Medicare                                                                          12.8%   or     $455 billion

  Medicaid and Children's Health Insurance                         08.2%   or      $291 billion

  Interest on our National Debt                                           04.6%   or      $159 billion 

  Health and Human Services and Transportation                 04.3%   or     $152 billion

  All the rest of Government                                               15.7%  or     $558 billion

  The challenge is where can you cut? Any Ideas. It will be interesting.

FY 2010 Bedget