Lots of bad news here, but this little tidbit jumped out at me:
10 – The total cost of just three federal government programs – the Department of Defense, Social Security and Medicare – exceeded the total amount of taxes brought in during fiscal 2010 by 10 billion dollars.
If nothing else, we can thank President Obama for ending our costly and pointless military involvement in Iraq. Let’s hope the next president does the same in Afghanistan, and makes sure the DOD budget is reduced proportionately. Next we can hope for an administration that will transition all federal social programs to the states. Lacking control over the money supply, the states will have some real incentive to find solutions and control costs.
We’ll never pay off a $15 trillion national debt, but there’s no reason why we can’t substantially reduce a $1.3 trillion budget deficit.