Tuesday Dec 7 2010
This video puts the $100 M of 'budget cuts' in perspective. Out of $3.5 Trillion it is of course nothing so why did the President mention it. Because he knows most people are lost amid such large numbers.
Professor Elam
Accounting & Investing Info for San Antonio A & M
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3 responses to “$100 Million and Counting”
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I love the part of the video in how it shows the greatest part of the penny-full table as part of the budget that is mandatory to spend the government’s money in order to cover many of the social programs that our nation depends on. It seems we have no choice to spend that money. That’s great and all since we actually can raise the money with taxes and such to spend on various social programs. When there is so much in the overall budget that needs borrowing in order to materialize, why do we think a small budget would make any kind of difference in justifying such spending? We are basically saving a year’s worth of interest on the debt that we are going to incur from the future proposed borrowing. How big of an accomplishment is this really? Not to mention all the money we will have to spend to save this 100 million in the process of trying to squeeze water out of this rock.
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I have always wondered why the U.S. government cannot live within its budgetary plans, why do we have to borrow so much money. I personally think that we need to stop or slow down some of wasteful benefits; this should be only temporary until the U.S. government can equal (revenue and costs), we should never borrow money from foreign governments, and we should only borrow money from U.S. banks. The $100 million is a good start in cutting the U.S. deficit even though it is a very small amount. The cutting of the $100 million it is better than nothing, you have to start somewhere. I liked the video, it is a good visual example the of U.S. government budget problems, it show a table full of pennies and it show a guy cutting one penny into a 1/4 and that 1/4 is the example of reducing the U.S. budget, we have a long way to go until we solve our budget problems, but I believe that the U.S. government can fix our financial budgetary problems. ACCT 3314 Student.
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Now that I think about it, Richard Nixon should be the patron saint of liberals, after all he took us off the gold standard and since then congress has been on the wildest spending spree ever. Spending is washington speak for let’s get ourselves re elected
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Professor Elam 
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