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War on Terror - Budget
Between 2001 and 2017, $1.778 trillion has been spent on the War on Terror. In 2001, the spending started at $28.7 billion and by 2017, it will hit about $73.7 billion. Link -
Post Recession
After the recession of 2008, the savings rates of those under age 35 climbed to 5.2% and even briefly surpassed the savings of those age 35 to 44. This demonstrates the fear that the recession put in the working class at the time in regards to saving. http://www.wsj.com/articles/savings-turn-negative-for-younger-generation-1415572405 -
Extension of Bush Tax Cuts
In late 2010, the Tax Relief...and Job Creation Act of 2010 was passed. This provided for a two year extension of the Bush tax cuts of 2001 and 2003 for everyone, even though Obama only wanted to do so for those making less than $250,000 a year. This was fiscally irresponsible because it decreased the federal revenue which increased the deficit. Link text -
80th Anniversary of Social Security
80 percent of Americans of all age groups say they plan to rely on Social Security in a substantial way or rely on it somewhat. This demonstrates the extreme dependency that Americans have towards Social Security, and the lack of individual saving that corresponds with it.
http://www.thefiscaltimes.com/2015/08/14/Two-Thirds-Americans-Believe-Social-Security-Crisis-State -
Goods and Services Deficit
The the goods and services deficit was $37.4 billion in April, up $1.9 billion from $35.5 billion in March. The April increase in the goods and services deficit reflected an increase in the goods deficit of $1.4 billion to $58.8 billion and a decrease in the services surplus of $0.5 billion to $21.4
billion.
http://www.bea.gov/newsreleases/international/trade/tradnewsrelease.htm -
Imports and Exports
April exports were $182.8 billion, $2.6 billion more than
March exports. April imports were $220.2 billion, $4.5 billion more than March imports.
http://www.bea.gov/newsreleases/international/trade/tradnewsrelease.htm -
Mandatory Spending - Budget
For 2017, the U.S. federal budget will be $203 billion. The U.S. spending of $4.147 trillion is higher than the U.S. revenue of $3.644 trillion. Medicare, Social Security and other similar programs have exceeded $2 trillion every year since 2011. Link
