Implications of Federal Budget Deficits and the National Debt on the Future (Updated)

A few facts need to be presented at the onset of this paper: In 1980 the national debt was less than 1 trillion dollars. By the year 2000, twenty years later, the national debt was around 5.5 trillion dollars. The national debt doubled under the Bush administration from $5.5 trillion to $11 trillion dollars. During … Continue reading “Implications of Federal Budget Deficits and the National Debt on the Future (Updated)”

Saving Medicare

The Budget Control Act passed in August of 2011 stipulates that failure of the “supercommittee” and Congress to act on further future deficit reduction will trigger across-the-board cuts of $1.2 trillion dollars starting in 2013. Most Medicare spending would be reduced by 2 percent a year1. Regardless of how the 2 percent a year reduction … Continue reading “Saving Medicare”

Implications of Federal Budget Deficits and the National Debt on the Future

A few facts need to be presented at the onset of this paper: In 1980 the national debt was less than 1 trillion dollars. By the year 2000, twenty years later, the national debt was around 5.5 trillion dollars. The national debt doubled under the Bush administration from $5.5 trillion to $11 trillion dollars. During … Continue reading “Implications of Federal Budget Deficits and the National Debt on the Future”