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The Deficit, Summarized

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June 22, 2011 – Comments (2)

David Leonhardt:  

"Eventually, the country will have to confront the deficit we have, rather than the deficit we imagine. The one we imagine is a deficit caused by waste, fraud, abuse, foreign aid, oil industry subsidies and vague out-of-control spending. The one we have is caused by the world’s highest health costs (by far), the world’s largest military (by far), a Social Security program built when most people died by 70 — and to pay for it all, the lowest tax rates in decades." 

 

http://www.nytimes.com/2011/06/22/business/economy/22leonhardt.html?ref=business 

2 Comments – Post Your Own

#1) On June 22, 2011 at 12:22 PM, PeteysTired (< 20) wrote:

Prove to us that we can really cut spending before raising taxes.  I have never seen unspent taxes :)

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#2) On June 22, 2011 at 1:04 PM, MegaEurope (21.53) wrote:

I have never seen unspent taxes

http://en.wikipedia.org/wiki/Sovereign_wealth_fund

Assets under management of SWFs increased 11% in 2010 to $4.2 trillion.[11] There was an additional $6.8 trillion held in other sovereign investment vehicles, such as pension reserve funds, development funds and state-owned corporations’ funds and $7.7 trillion in other official foreign exchange reserves.

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