Obama Heralds Plan to Slash Deficit

Obama appears prepared to put some of our questions about the Stimulus Package into action, with a plan to not only relief the current economic crunch, but to decrease the nation's deficit from an expected $1.5 trillion to $533 billion by 2019. Currently our economy is in the worst financial crunch it has seen since WWII; but, if his plan works out, he will surpass his campaign promises and bring our nation to a more manageable 3% deficit. He reports that his primary concerns are still healthcare, education, and energy.... but it doesn't stop there. I don't know about you, but I'm excited!!

His proposal will mean that the baby-boomers, who will be ready for retirement at the end of his term, should have more security than currently anticipated. Unfortunately, his plan also includes cutting back on current Medicare coverage for those who already qualify for other government benefits. I think it would be interesting to explore what types of control can be placed on pharmaceutical companies to lower the current cost of medications, especially if his reduction plan includes reducing those entitlements through Medicare as well. Oddly, Obama lays claim to a plan to extend healthcare to the uninsured while simultaneously decreasing expenditures in this area.

David Axelrod, Obama's senior advisor, stresses this point, “The president believes there are essentially three areas that have to move forward even as we pare back elsewhere — health care, energy and education. These are the bulwarks of a strong economy moving forward.”

Obama also intends to explore alternative fuel resources to combat the alleged stress current energy consumption places on greenhouse issues. No mention was made in the article of his plan to improve education during these cutbacks; however, this will be a special concern for us as college students and parents.

Will this mean more tax increases? Most certainly! Although the tax increase on smokers and alcohol consumers has been approved, advisors are simply not willing to reveal other taxable sources to us yet, while We, The Nation, sit and wait.


*(Apparently my blog from last week did not post correctly. It was on the topic of healthcare reform and women's issues... it was good! I'll have to draft it up again and beg for a grade later. )