the lawsuit Essays - Presidency Of Barack Obama, Barack Obama

March 15th, 2011 Subject: Principles of Economics I Name: Hassan Shahid Student ID: 757196395 Instructor: Prof. Moses Ayiku U.S Budget for 2011 Present Obama presented Congress with a record $3.6 trillion budget. The total revenue for 2011 is estimated at $2 trillion. If you do the math, this will give the government a total deficit of an estimated $1.6 trillion which is also the highest at record. The following is a comparison of estimated spending for the year 2010 and 2011 on few major components of the government. [1]Area of spending2010 (billion)2011 (billion) - National defense$722$738 - Social security$724$738 - Medicare$462$498 - Health$386$381 - Income security$629$567 - Transportation$93$91 - Education & training$93$122 - Net interest$188$251 - Veterans benefits$124$122 - Science, space & technology$31$31 - International affairs$67$65 - Agriculture$25$24 - Community development$21$20 [1] [2] President Obama sent Congress on Monday a record $3.8 trillion budget for 2011 that would boost war spending, trim some domestic spending and rely on $1.3 trillion in new borrowing. The budget would be the third in a row with a deficit of more than $1 trillion, following this year's record $1.6 trillion, a figure the White House increased in its budget. The red ink would be cut in half by 2014, mostly by allowing tax cuts on families making more than $250,000 to expire in 2011.A year after proposing major increases for health care, energy and education, Obama is putting almost $30 billion more into the wars in Afghanistan and Iraq, boosting homeland security and international spending, and proposing a three-year freeze on some domestic spending [2]. From my point of view, the numbers speak for themselves; most of the government earning is spent on defense. We are fighting a war on two fronts and we clearly knew one of them wasn?t necessary. Even after we failed to find WMDs in Iraq, the government didn?t pull out. Prolonging the war will always keep the country in debt. Almost every department whether it was health, agriculture or community development; faced budget cuts. Budget cuts lead to job losses; which lead to people spending less and resulting in slow economic growth. If we keep at this rate, the national debt is going to keep increasing and the annual interest paid out on our debt is going to keep climbing. We have already seen a $63 billion increase from 2010 to 2011 on interest payments alone. The rich are still earning more and getting tax breaks, while the middle class continue to suffer from poor heath benefits, job losses and lost benefits. Work Cited [1]http://www.nytimes.com/interactive/2010/02/01/us/budget.html [2]http://www.usatoday.com/news/washington/2010-02-01-budget-obama_N.htm