It’s no secret that the economy is in bad shape, and from the looks of it, things aren’t getting much better. Budget deficits are rampant, the unemployment rate has been pushing 10 percent since December, and students are certainly feeling the economic crisis as the cost of tuition increases at universities around the country.

On Monday, Feb. 1, President Barack Obama presented a 10-year fiscal plan, which projects a budget deficit peak of $1.6 trillion during the current fiscal year, marking the third year that the budget deficit remains above the $1 trillion mark. This deficit will decrease in the coming years, but remain at an economically troubling level until the end of the decade. According to the Minneapolis Star Tribune, Obama declared our fiscal situation as unacceptable, but “he insisted that the country pursue his ambitious domestic agenda despite facing swollen budget deficits for the foreseeable future.”

In the long run, Obama’s plan will save the country an estimated $1.2 trillion, which seems like a sizable amount but in actuality is only about one-fifth of the debt that the country will acquire between now and 2020, according to the Tribune. For now, Obama’s plan will cut or eliminate some domestic programs and big-ticket military equipment and give more money to education and civilian research projects.

According to The Wall Street Journal, many are concerned about whether or not Obama’s fiscal plan prepares the country for a better future or “shackles it to past decisions that our leaders would rather not confront.” The biggest problem with Obama’s budget is the increased amount of spending, despite his words about restraint. The 2011 budget plans for a spending increase of 1.8 percent of GDP.

Various tax and spending cuts over the next several years will continue to push the economy toward recovery, but, according to White House budget director Peter Orszag, Obama’s plan hopes to close the remaining gap by cutting projected healthcare spending. However, “Obama’s hope of revamping the nation’s health care system has been stymied by opposition from the public and congressional Republicans,” according USA Today.

With the economic downturn, the unemployment rate has suffered, threatening to enter the double digits since December. Students at CNU are feeling the lack of jobs acutely, finding it difficult to find new positions in the Hampton Roads area. “I’ve been looking for a job since August, and I can’t tell you how many applications I’ve filled out,” said Junior Kacie Lester. “The only place I’ve been able to get anything from is a pet store. It’s not exactly my first choice in employment, but I’ll take it since it’s all I’ve got.”

Even students who already have jobs are dealing with budget cuts and restraints. “Working on campus in this economic state is tough, especially with hours being cut,” said Junior Emily Williamson. “Everyone isn’t guaranteed all the hours they want to work, and we have to accept that.”

Unfortunately for students and members of the community alike, the unemployment rate isn’t expected to change much in the near future. Despite Obama’s plans to raise the nation out of its economic slump, economists do not expect the job market to see much improvement any time soon. According to The Associated Press, even if Congress accepts Obama’s plan, “the nation would still end the year with unemployment pushing double digits at 9.8 percent.”

In January, the unemployment rate unexpectedly dropped to 9.7 percent, and, according to BusinessWeek, “manufacturers added to payrolls for the first time in three years, which may provide a spark to revive the rest of the labor market.” This unexpected upturn in the job market has sparked the hopes of some people, but the economic crisis is far from over. Economists expected a factory payroll drop of 20,000 in January, but the economy experienced an upturn of 11,000, the largest increase since April 2006.

The newly proposed $3.8 trillion 2011 fiscal year budget will incorporate Obama’s overhaul proposals for health care and energy policies. According to the Tribune, education, civilian research, food and drug safety, and biomedical research will all receive additional funding. The administration calculates that by the end of the 2013 fiscal year the deficit will equal just over four percent of the GDP, however, by the end of the decade, budget deficits will continue to inexorably increase, reflecting the rising costs in health-care and retirement.