The lack of growth and the lack of new jobs, coupled with the increase in warmongering, welfareism, and people on the dole has caused a 6.9 trillion dollar deficit in 2012 and will lead to a budget mis-balanced by a whopping EIGHT TRILLION DOLLARS in 2013. That’s EIGHT TRILLION ADDITIONAL dollars, bringing the deficit to 24 TRILLION dollars. Household income “is lower than the recent recession… lower than where we were in the seventies” – John Williams of shadowstats.com
A simple answer for the short term – Bring the defense spending back home.
222 Trillion Fiscal Gap according to the CBO. It grew by 11 trillion in one year.
12% of GDP for USA
10% of GDP for Greece
5% of GDP for Germany
0% of GDP for Canada