Money comes into the federal government through taxes and bonds. The vast majority of it is then spent on old-people programs, poor-people programs, and defense.
Mitt Romney is promising that taxes will go down, defense spending will go up, and old-people programs won’t change for this generation of retirees. So three of his four options for deficit reduction — taxes, old-people programs, and defense — are now either contributing to the deficit or are off-limits for the next decade.
Romney is also promising that he will pay for his tax cuts, pay for his defense spending, and reduce total federal spending by more than $6 trillion over the next 10 years. But the only big pot of money left to him is poor-people programs. So, by simple process of elimination, poor-people programs will have to be cut dramatically. There’s no other way to make those numbers work.
1. It includes $350 billion in short-term measures to encourage job growth, including billions in infrastructure and schools.
2. The total budget reduces the deficit by $4 trillion over the next decade.
3. Unlike the last two GOP budgets, Obama’s budget protects Medicare and Medicaid from structural changes, and through small tweaks, saves $360 billion from those programs.
4. The budget eliminates 12 tax breaks to oil, gas, and coal companies, saving $41 billion over 10 years.
5. States will receive $30 billion in aid to prevent furtherlayoffs of firefighters, teachers, and police officers.
From the article comes this outline:
Main Street Economy: Land, Labor, and Capital Harmed By War
- Retail business
- Real estate and Insurance
- Art and Entertainment
- Airlines and capital intensive industries
- Manufacturing and Non-defense capital goods
The Unregulated Economy: Technology and Entrepreneurship Harmed By War
- Banking privacy
- Small businesses
- New businesses
The Death Economy: Benefits From the Destruction of People, Peace, and Privacy
- Weapons Industry
- Spies (CIA, FBI, etc.)
- Government and Taxes
- The News Media
The Devil Economy: Benefits From Government and War
- Wall Street
- Big Banks
- Oil Service Companies
- Pharmaceutical and Healthcare
- Public Enterprises