Everyman’s Deficit

The United States is at a fiscal crossroads. According to 2010 Office of Management and Budget (OMB) estimates, the deficit will reach 1.4 trillion dollars this year, which is a whopping 10 percent of Gross Domestic Product (GDP), a figure that has tripled since 2007. Recent warnings from Greece, Portugal and Spain tell us what continued deficit spending can cause. Reining in spending and reducing regulatory burdens along with increasing GDP growth can eventually close the deficit gap, but under the best of circumstances, this will take time, and will take considerable sacrifices on the part of the “Everyman” family.