US’s Budget Deficit and the Stances of Democrats and Republicans

(Feb. 17, 2011) The Korean American Voters’ Council (KAVC) held a civic education seminar at the FGS Community Center of New Jersey about the US budget deficit, the stances of Democratic and Republican parties, and the effects it will have on the Korean American community.

Following last seminar’s topic, “The Offense and Defense Against the Healthcare Reform Act and the Battle Strategies of Republicans and Democrats”, this seminar had the topic, “The Ethos and Lines of the Two Parties on the Resolution of the US Budget Deficit.” Executive Director Dongsuk Kim lectured about what was happening in Washington and what the Korean American communities need to do to prepare for what is to come.

The following are the main points of the seminar.

Republicans (GOP): Limit inflation, revival of the economy through tax cuts, reduction of social welfare programs, limitation of government supervision of businesses (relying on the free market).

Democrats: Reduction of tax breaks for big corporations, reduction of unemployment rates, addition of “wealth tax” to upper-class individuals, expansion of social welfare programs, government intervention in economy, and government investment in businesses.

Example: Fiscal Year 2011 Budget Review

– Feb – Dec 2009: Presidential Budget Proposal formed [Proposal is handed to the OMB]

– Dec 2009 – Feb 2010: Selection of the Budget, sent to the Congress

– March – September 2010: After review by the Congress, tax laws are voted upon.

– October 2010: Start of FY2011, new budget measures are enacted

– October – November 2011: Records of FY2011 Budget Implementations are completed

– (President Obama submitted the FY2012 Budget to the Congress on the 14th).
 
– 2012 Federal Government Budget Deficit: $1.5 Trillion

– (2012 Budget’s total amount is $3.7 Trillion)

– 2012 New York State Deficit: $10 Billion

– 2012 New Jersey State Deficit: $10.5 Billion

– The majority of the Congress: Republicans

– FY 2012 President Obama’s Budget -> Severe reduction of Social Welfare Funds
– Reduction of the Federal Home Energy Assistant Program (HEAP), Medicare, Medicaid, SSI, etc

– Limitation of recipients of assistance: Permanent Residents may be excluded.

– The target is the politically disenfranchised immigrant.