176,446 New Listings - March 2010 - Last update March 19, 2010 6:15 AM ESTObama Shows that he has Given his Priorities to the Right Targets
In the middle of continuing foreclosures and unemployment the budget of President Obama for the fiscal year 2011 shows that he has given his priorities to the right targets. Spending would be increased on education, on cleaner energy technology. Expenditure in the defense sector is relatively constrained than before. But the most important thing is that he has called for spending so as to create jobs. The Obama government is very correctly permitting the Bush government’s tax cuts for rich Americans to come to an end, as per schedule, by the end of 2010.
All things taken into consideration – latest spending and recent cuts, multiple tax increases and slashes – the deficit increase as compared to what it would have been calculated to sans these changes, is $120 billion. It is a handsome amount but really not too much considering the weak health of the economy. During these times deficit spending is the need of the hour to give a boost to growth and put back Americans to work.
Out of the $3.8 trillion total deficit about $2.4 trillion is for compulsory spending on plans related to medical care and Social Security. From this a good amount will go as interest on the national debt. Medical care costs alone will eat up $788 billion. It should be another indicator to the fact that the country urgently requires reform in health care system.
There is no time left for Congress to take up more posturing stands about the gap but rather see to the employment of Americans.
In the budget President Obama wants $100 billion for creating solid new jobs. This includes incentives to be given in the form of tax credits to those who hire, those who offer green jobs and employ people in infrastructure plans. There are further proposals for spending $166 billion for other matters related to employment. It includes $50 extended benefits for the unemployed for this year.
These benefits are vital for those struggling to make basic ends meet. Unless they start spending more and more businesses will face difficulties. This would lead to more firing of workers and even more unemployment.
In the previous year towards its close, the House sanctioned $154 billion for jobs. All the Republicans and a handful of Democrats sulked and insisted that the focus should be on lessening the gap in the budget. It is a dangerous and erroneous line of thought. The budget is putting the pressure on the rich to carry the weight of the crisis for a change.
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