CBO chief says debt 'unsustainable'
The nation’s fiscal path is “unsustainable,” and the problem “cannot be solved through minor tinkering,” the head of the Congressional Budget Office said Thursday morning.
Doug Elmendorf, best known for arbitrating the costs of various health care proposals, added his voice to a growing chorus of economic experts who predict dire consequences if political leaders don’t scale back spending, increase taxes or both — and soon.
Elmendorf noted a recent CBO report that pegged an increase in the public debt from $7.5 trillion at the end of 2009 to $20.3 trillion at the end of 2020 if President Barack Obama’s fiscal 2011 budget were to be implemented as written. As a percentage of gross domestic product, the debt would rise from 53 percent to 90 percent, CBO forecasted. The last time the percentage was that high was right after World War II.
“If at the end of the day we need to raise taxes, we should raise taxes,” Volcker said.
On Wednesday, Bernanke said in a speech in Dallas that the government must cut entitlements or raise taxes.
http://www.politico.com/news/stories/0410/35546.html
Re: CBO chief says debt 'unsustainable'
Translation, we lied to get Obamacare passed. We have no way of paying for this mess and it willl not reduce the defecit unless you are paying 60% of what you make back to the government. Just like Sweden.
Re: CBO chief says debt 'unsustainable'
Re: CBO chief says debt 'unsustainable'
Quote:
Originally Posted by NIKV69
Translation, we lied to get Obamacare passed. We have no way of paying for this mess and it willl not reduce the defecit unless you are paying 60% of what you make back to the government. Just like Sweden.
Obamacare is a drop in the bucket. This is coming no matter what.
Re: CBO chief says debt 'unsustainable'
