Not even a start
I know I sound like a broken record but the US is facing a very important problem and our "leaders" are not even addressing it. Some time this year, our debt will be larger than our entire GDP. We will be adding somewhere between 1.5 and 2 TRILLION dollars to our debt this year. And what "cuts" are being proposed? The biggest cuts proposed so far cut 1 trillion OVER TEN FUCKING YEARS. It doesn't take an economist to realize that cutting one trillion over ten years doesn't matter a hill of beans when your annual deficit is well over a trillion dollars. If it wasn't so serious it would be comical.
Obama's budget http://online.wsj.com/public/resources/documents/budget2012.pdf seems pretty realistic for 2010 and 2011, but beyond that it is assuming uninterrupted economic growth.
Even IF that growth materializes - which I am extremely skeptical of
and the tax increases raise the amount of money advertised - they never do
and government programs don't cost more than they predict- they always do
and we can continue to borrow money at low interest rates- I wouldn't loan them money
and the government doesn't create any new programs between now and 2020 - anyone care to take a bet on that?
If ALL of that happens we will be running an annual deficit of over 1 trillion dollars in 2020, $863 billion of which will be interest. We will be $26 TRILLION dollars in debt. But don't worry, we "saved" 1.5 trillion.
It is a fucking joke and an embarrassment. The snake oil salesmen that we have in office on both sides of the aisle need to be thrown out on their collective asses. Americans really ought to be outraged that our representatives are sticking their heads in the sand and ignoring the real problems approaching our country. We enjoy the highest standard of living in the world. That won't last if our government continues down its current track. They are destroying the value of our dollar and it will eventually destroy our economy if we do nothing.