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What Does This Mean For the USA?

I read this article yesterday that said that the following changes have been made by the USA after concessions by both parties:

  • The Social Security payroll taxes will go down next year which will mean that the government will give up about $120 billion in revenue.
  • Unemployment benefits have been extended another 13 months but the $60 billion used to do that will not have to be covered by cuts in federal spending.
  • The tax cuts are being extended another 2 years.  Nobody’s taxes will change.

So, if I was reading this right, the government is laying out billions again and not making up for it elsewhere again. 

Please don’t get me wrong, I really don’t understand the intricacies of government spending, BUT doesn’t this seem like a deal that just won’t work for the long-term?  If we just keep spending but don’t make it back somehow, won’t something crash at some point? 

I’m a bit worried.  I don’t want to be taxed more, but I was hoping at some point the government would have to seriously look over their spending plans and cut back on stupid crud…

Am I missing something?  Is there some way that all of these things are actually good and the USA isn’t going to crash and burn?

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2 comments to What Does This Mean For the USA?