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President Barack Obama has repeatedly claimed that his budget would cut the deficit by half by the end of his term. But as Heritage analyst Brian Riedl has pointed out, given that Obama has already helped quadruple the deficit with his stimulus package, pledging to halve it by 2013 is hardly ambitious. The Washington Post has a great graphic
Originally posted by marg6043
Who is worst Bush or Obama on fiscal irresponsibility
WASHINGTON — The cost of the wars in Iraq and Afghanistan could total $2.4 trillion through the next decade, or nearly $8,000 per man, woman and child in the country,
In the months before the March 2003 Iraq invasion, the Bush administration estimated the Iraq war would cost no more than $50 billion.
Gorbachev calls for perestroika in West
1 day ago
WASHINGTON (AFP) — Former Soviet leader Mikhail Gorbachev called for a perestroika, or top-to-bottom reform, in the West, arguing that its current economic model was "unsustainable" and needed replacement.
Commenting on the current global economic crisis, the ex-Soviet president who presided over the collapse of his country, said that it was now clear to him "that the new Western model was an illusion that benefited chiefly the very rich.
"The model that emerged during the final decades of the 20th century has turned out to be unsustainable," Gorbachev wrote in an op-ed piece in The Washington Post. "It was based on a drive for super-profits and hyper-consumption for a few, on unrestrained exploitation of resources and on social and environmental irresponsibility."
Gorbachev predicted "perhaps even greater upheaval down the road" and insisted that the current economic and social model existing in the West needed replacing.
"I have no ready-made prescriptions," Gorbachev said. "But I am convinced that a new model will emerge, one that will emphasize public needs and public goods, such as a cleaner environment, well-functioning infrastructure and public transportation, sound education and health systems and affordable housing."
From the mid-1980s, Gorbachev was the initiator of a series of fundamental reforms in the Soviet Union.