Unsustainable


Your taxes at work
Emphasis added.

Now comes the CBO with yet more news of the sort that neither Capitol Hill nor the White House is likely to welcome: its freshly released report on the federal government's long-term financial situation. To put it bluntly, the fiscal policy of the United States is unsustainable. Debt is growing faster than gross domestic product. Under the CBO's most realistic scenario, the publicly held debt of the U.S. government will reach 82 percent of GDP by 2019 -- roughly double what it was in 2008. By 2026, spiraling interest payments would push the debt above its all-time peak (set just after World War II) of 113 percent of GDP. It would reach 200 percent of GDP in 2038.

This huge mass of debt, which would stifle economic growth and reduce the American standard of living, can be avoided only through spending cuts, tax increases or some combination of the two. And the longer government waits to get its financial house in order, the more it will cost to do so, the CBO says.
The Debt Tsuami, washingtonpost.com

Good work if you can pull it off. Spend more money than can possibly be paid off. Hand out expensive goodies to almost every group in sight. Then blame everyone else when the economy collapses.

And demand more in taxes to put things right.

Don't fall for it.

— NeoWayland

Posted: Mon - June 29, 2009 at 12:58 PM  Tag


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