I don't believe we will be recovering any time soon.
Let me share a few things related to our budget and government spending:
In our federal budget, defense spending accounts for 22%. Social security is 21% of the budget. Medicare, medicaid, S Chip, dept of health and human services, etc. is also 21% of the budget. 9% of the budget is in safety net programs.
9% is interest on our debt. If our spending isn't cut this number will grow. the larger it grows, the worse off we will be. 18% of the budget is everything else: civilian benefits for veterans, communications, transportation, scientific research, non-security international expenditures, etc.
I believe the budget this year is estimated to be $3.6 trillion under Obama.
The budget rose with Clinton to over 1.8 trillion and rose higher with Bush to $2.9 trillion in spending in 2008.
We will be paying for $634 billion as a reserve fund/down payment to
cover universal health care. This money wont be put into healthcare. Tax payer money is going to be siphoned and saved for "universal health care", a program we don't yet have.
Obama Wasnít Kidding About Health Care -- Daily Intel -- New York News Blog -- New York Magazine
Over 40% of the nation doesn't pay any income tax (number derived from the taxes neutralized through exemptions and returns).
Obama says nobody who makes under $250,000 will pay a dime more
in taxes. The budget will be payed for with taxes on the wealthiest 2% of
Americans, but the numbers don't add up. 3.8 million people filed for income tax who
make over $200,000. 7% of all tax returns are from those earning over 200,000. The top 2% payed $522 billion in income tax/62% of all income tax revenue in the U.S.; just from the top 2% wealthiest Americans.
The richest 1% paid $408 billion or 44.9% of all income tax. The top marginal income tax rate is 35%. Obama wants to raise it to 39.6%, plus another 2% in deduction
phaseouts (41.6% of their income will be going to the government
not including ANY other taxes). If we raised the top income tax
rate (for top 2% of Americans) to 100% of income, we'd only gain $1.3
trillion in extra revenue. That is less then half the 2006
budget of $2.7 trillion. If we took EVERYTHING from EVERYONE
earning over $75,000 we still wouldn't have $4 trillion, or enough to cover Obama's budget.
In short, the budget in unsustainable and all the spending that
magically gets excluded from the budget numbers is
unsustainable. Clinton, Bush, Obama, whatever. They all progressed the problem. If Obama tends to make good on his amazingly optimistic promise of halving the portion of the budget deficit inherited from Bush (or Obama's very own contributions
to it in the same fashion), I guarantee it'd be nothing more
than a cheap trick, playing with the book keeping.
I'll be honest with you, it is extremely daunting in the scope of and
ambiguity in where money travels through the dark forest that is the
federal government. Between the budget, budget deficit,
federal deficit, national debt, bailouts, stimulus, economic
recovery, spending promises, future obligations, interest on
debt, etc. etc. etc. I'm getting a bit lost in it all. I think most people are getting lost in it all (if they know what all there is to be understood in the first place).
Another issue that needs to be addressed:
House passes $410 billion spending bill, filled with earmarks; Will President Obama veto it? - Getting in your Business - Jackson Citizen Patriot - MLive.com
The house has passed another God damn spending bill that has nothing to do with economic recovery. It includes a whopping NINE THOUSAND earmarks, a total of $7.8 billion. Democrats are responsible for $4.6 billion in pork/60% of it, while the GOP is responsible for $3.1 billion/40% of the earmarks.
Barack Obama and his staff have earmarks in it as well (But Obama just called for any trace of his name to be taken out). Biden also has a large number of earmarks. Amazing how Obama claimed he would have ZERO earmarks...