Where are savings?
To the Journal editor:
Today about $89 billion in automatic cuts will take place. I am looking at the historical budget tables and in 2010 the actual total receipts were $2.1 trillion and outlays were $3.4 trillion with a deficit of $1.2 trillion.
In 2013 total receipts are estimated to be $3 trillion and outlays are estimated to be $3.7 trillion wit a deficit of $767 billion. The looming $89 billion cuts that will take place this budget is about 2.4 percent of the total estimated outlays for 2013. Are you telling me you cannot find 2.4 percent of savings or wasteful government spending in the budget?
How about the $835,000 GSA conference in Las Vegas last year? How about the billions wasted to rebuild Iraq according to the Office of Special Inspector General for Iraq? How much are we wasting in Afghanistan? How about GE receiving billions in incentives, earning $14.2 billion in profits in 2010 but not paying any corporate income tax?
Stop scaring people with all the chicken little stuff. It’s time for the President and members of Congress to put their big boy pants on and get rid of the waste, pork and unnecessary subsidies to corporations. It is time to balance the budget and stop borrowing money. We have to pay interest on that money and in 2010 we actually paid $196 billion.
The estimate for 2011 is $206 billion, for 2012 it’s $241 billion and $320 billion in 2013. That’s almost a trillion dollars in 4 years.
Remember the good old days when President Clinton and Republican Congresses balanced the budget 4 times with surpluses totaling $560 billion.