Posted on 06/30/2009 2:28:18 PM PDT by FromLori
Crushing government deficits loom, unless the Obama administration reins in its propensity to spend.
That was the cautionary statement from the Congressional Budget Office in its latest long-term budget forecast, reported recently in The Wall Street Journal Real Time Economics blog.
Government deficits will increase substantially, according to the CBO report, hitting more than 5.5 percent of Gross Domestic Product in 2035, 8 percent in 2050, and a whopping 19 percent in 2084.
As a consequence of these potentially crippling deficits, the government would have to borrow more money and wages would be depressed.
The obvious solution: The administration must put a lid on spending and boost taxes, according to the report.
Some Senate Democrats, many of whom are advocates of President Obama's comprehensive healthcare plan, have balked at rubber-stamping the proposed legislation.
"CBO's report shows that rising health costs remain the single biggest driver of the nation's long-term fiscal imbalance," Senate Budget Committee Chairman Kent Conrad (D-N.D.) said in a statement.
"And it reinforces the importance of not only paying for health reform, but ensuring that it significantly bends the cost curve on health care beyond the next ten years," Conrad said.
Other knowledgeable and responsible voices also have warned of the impending deficit disaster.
"For years, we've been warning that the budget was out of balance over the long-term and we should act while there was still time," said Maya McGuineas, president of the Committee for a Responsible Federal Budget.
"Well guess what? Time is quickly running out," McGuineas said.
(Excerpt) Read more at moneynews.newsmax.com ...
We can't have this kind of dissent in the administration.
Leftists don’t care about this, because they are power drunk!
Other knowledgeable and responsible voices also have warned of the impending deficit disaster.
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Those that want to destroy America are doing a pretty good job of it — and in Washington, they appear to be unopposed in any significant way. When will those that do care, call for the impeachment of those that are breaking laws daily??
Not Bush’s Fault..
The solution is multi-faceted:
1. Require that EVERY spending bill cite the section of the US Constitution that authorizes the spending, and include directly linked details.
2. Terms limits on ALL elected officials: Two terms for president, one for Senators, three for Representatives.
3. All spending bills require 3/5’s majority for passage.
4. ALL departments, bureaus, agencies and offices of the US government undergo Constitutional review to determine the root of their authority. Those that cannot demonstrate Constitutional authority will be suspended immediately and disbanded over a period of 12 to 18 months, to transition staff and operations to State or local governments or private industry, as appropriate.
5. Require balanced budget by Constitutional amendment.
6. Grant line item veto to the President.
7. Scrap the Income Tax and the IRS in favor of a national consumption tax, with rate to be changed ONLY by 2/3’s majority of the House and Senate, and signature of the President.
8. Return election of Senators to the various State legislatures, as originally designed. The Senate should be the voice of the States at the Federal level. The House should be the voice of the People.
Good idea except I prefer the flat tax to a consumption tax. Russia’s is 13.7% I think, and it allowed them to get out of debt over time. They have the added benefit of using their natural resources. I wish we used ours!!!
I’d be interested in seeing a similar chart detailing immigration. We’re certainly not bringing in the best or the brightest these days... Throw in a massive influx of foreign cultures who erode into even our best school districts, and well, it’s not going to be pretty.
That being said, those folks are way outnumbered by those who come here from south of the Border. I have no problem with a guest worker program, but bringing in families and women to breed with is a problem.
Another fine post FromLori
to watch later
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