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Brightworth, Atlanta Financial Advisors, Say Taming the U.S. Budget Beast Has Been Done Before

The Atlanta financial planning consultants at Brightworth remind everyone that changes in spending and revenue enabled the U.S. to bring the debt back down after World War II.

2012-05-17
ATLANTA, GA, May 17, 2012 (Press-News.org) In recent years, U.S. budget deficits and the national debt have grown rapidly. Today, many in Washington and around the country think the runaway debt is out of control and cannot be turned around. However, Brightworth, Atlanta financial advisors, say some may be surprised to learn we've been here before and were able to bring the debt back down.

During World War II, the United States ran massive budget deficits that caused our debt to Gross Domestic Product (GDP) ratio to skyrocket from 44 percent in 1940 to 109 percent in 1946. As the war came to an end, the United States sharply reduced its military and overall government spending.

Cutting government spending today will be harder than it was in 1946, when military spending could be sharply reduced. Although there are military expenses to reduce as operations in Iraq and Afghanistan wind down, Medicare, Medicaid and Social Security make up a significant part of spending today and will be politically hard to cut. The other option of increasing tax revenues is also not popular and could slow economic growth. To bring the budget back into balance, some combination of entitlement cuts and revenue increases will be required.

The Atlanta asset management team at Brightworth states, "Given the political challenges of cutting entitlements and raising taxes in an election year, most politicians would prefer to reduce the debt to GDP ratio through economic growth and inflation." Inflation rose to nearly 4 percent in late 2011. While it may drop in the near term, inflation will likely be higher in coming years as the U.S. government looks to reduce its overall debt.

U.S. economic growth will probably remain modest, but could be stronger than expected if bold tax reform and economic growth policies are implemented. As the decade following World War II showed, modest economic growth and moderate inflation can significantly reduce the debt to GDP ratio if we can reign in deficits.

For more information on Atlanta investment management, visit http://www.brightworth.com.

About Brightworth:

Brightworth is a "fee-only" Atlanta wealth management firm. The Atlanta financial planners at Brightworth have a deep expertise across the financial disciplines to provide ongoing advice and coordinated leadership. Brightworth portfolios are built with a global capital markets perspective that includes the use of alternative investments to capture returns and reduce volatility as markets shift. With a policy of accountability and transparency, this Atlanta asset management firm is built to last with a succession plan designed for Brightworth to operate independently for generations.

For more information, visit http://www.brightworth.com


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[Press-News.org] Brightworth, Atlanta Financial Advisors, Say Taming the U.S. Budget Beast Has Been Done Before
The Atlanta financial planning consultants at Brightworth remind everyone that changes in spending and revenue enabled the U.S. to bring the debt back down after World War II.