Let’s balance the budget

1. Let’s balance the budget

2. 3 big risks • Social Security and Medicare for boomers will bust the federal budget wide open • The country’s colossal debt and all t he borrowing needed to handle it begin to drag the economy down • People holding billons of dollars in the U.S. debt will suddenly decide to put their money elsewhere

3. What did government spend? • Medicare (12% of the federal budget) • FEMA (floods, hurricanes, and other disasters) • Social Security • Defend budget – The war in Iraq (between 2001-2010 --$706 billion on Iraq and $1.1 trillion if adding Afghanistan) • Foreign aid • Bail out Wall Street and Detroit ($700 billion) • Roll back to bush cut taxes won’t solve the deficit problem

4. Coming issue • Baby-boomer generation (people who were born during post world war II—1946-1964) is starting to retire

5. To reduce a debt • Cut back a government spending • Change the way social security and medicare work • Raise taxes

6. Fact

Let’s balance the budget

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Let’s balance the budget