I am a theoretical physicist and currently Director of 
June 14, 2011
Informative budget chart
With all the talk of the deficit and national debt, it is illustrative to see the chart that the Center for Budget and Policy Priorities has published that shows the source of the projected budget deficits.
The main sources are the Bush-Obama wars and the Bush-Obama tax cuts for the rich, not 'big government', as is claimed by those who want to use the deficit as an excuse to further reduce government services and, more importantly, reduce government oversight over business.
This should come as no surprise to those who follow the numbers but it is worth periodically reiterating.
Comments
And yet all we hear about - from both sides of the aisle - is Medicare and Social Security, which had nothing to do with the current pickle. We are being treated to a bipartisan shell game, our eyes constantly distracted from the obvious problems they don't want us to see.
The Republicans' incessant lies about the magical power of tax cuts are killing this country from within. I was somewhat heartened by Senator Coburn's stand yesterday against Grover Norquist's obnoxious tax pledge (on a procedural vote against the ethanol subsidy), and by Bruce Bartlett's telling remark on The Last Word that Republicans have to understand that this is not 1981 anymore. But these are, I fear, isolated voices of reason in a vast sea of policy madness.
It is quite shocking that despite the recession and the need to generate more tax income the US Government has continued to support tax cuts for the wealthy. I can not see an end to this deficit and post-recession the interest payments on Government debt will be huge!
Other Governments across the world are raising more tax revenues to reduce deficits, but this is clearly not the case in the US. Will big business save the day and generate enough tax receipts when the good times return? It's a risky scenario.