Myth: Reducing the deficit is our top priority.

Reality: Deficit payments are upward wealth redistribution. 
The hysteria to pay down the rising federal budget deficit comes from profit-hungry banks and billionaire bondholders, not ordinary working people. The federal debt is now over $13.5 trillion. About $4.5 trillion is “inter-governmental loans,” which is a nice way of saying they’ve raided Social Security and Medicare to pay for military spending. Nine trillion dollars is held by private investors - mainly banks and billionaires - looking to get rich off of interest payments. In 2010, U.S. taxpayers paid $415 billion in interest, (U.S. Department of the Treasury, 11/1/10); most of this went to big investors, not to the savings bond grandma gave you for your sixth birthday. 

Reality: Deficits are how bankers dismantle democracy. 
The big bondholders who own government debt use their economic leverage to override democratic political decisions, threatening to suspend new loans unless governments enact sweeping budget cuts and privatization programs. This method, long used against semi-colonial countries, is now wreaking havoc in Europe. Banks are directly intervening to force savage cuts to pensions, health programs and education in Greece, Ireland, Portugal, Spain and other countries whose ability to repay is in question. In this way, decisions that should be left up to the people in a democracy are hijacked and made by wealthy investors. 

Using their control of global credit supplies, the big financial monopolies can demand low taxes, high interest rates and privatization of public assets. They get to pass go and collect twice while working people struggle to get around the board once amid harsh budget cuts and layoffs.