The US government had a trillion-dollar plus deficit for the fiscal year 2011. This means our Federal government took in less than it shelled out for an entire fiscal year. We have had a few years now of a trillion-dollar plus deficit at the end of the fiscal year.
On Monday, February 13, 2012 we will see 2012 budget which will show that, for the first time since 2008, our end of the year deficit will be under a trillion dollars. The deficit for 2012 is projected to be a mere 901 billion.
Some people might rejoice in the news that we are making progress toward fiscal health. They should contain their enthusiasm. Our total debt continues rising and rising year after year. We have had a spending problem here in the U.S. for a long time now.
President Obama said it best in his own words years ago and I agree 100%.
The clip is below.
No doubt little can be done in the short-term to conquer our debt problem in any meaningful way. However, if we do not create a bipartisan long-term plan to attack this spending monster, we will have a European debt crisis on our own shores.
As the line from the movie classic Jaws says, “We‘re Gonna Need A Bigger Boat, ” we will soon need a bigger, stronger, and more focused plan to tackle the 20 Trillion Dollar Deficit Monster coming our way.
The clock is ticking!
Logan Mohtashami is a senior loan officer at his family owned mortgage company AMC Lending Group, which has been providing mortgage services for California since 1988. Logan is also a financial columnist for Benzinga.com and contributor for BusinessInsider.com