You can read all about our fiscal outlook for the next ten years as reported by the Office of Management and Budget (in PDF format ) here :
http://www.whitehouse.gov/omb/assets/fy2010_msr/10msr.pdf
I always thought this was part of the genius of Ronald Reagan. When he enacted those tax cuts, he not only set the economic cycle into gear, he also stoppered the government drain.
By Ambrose Evans-Pritchard
September 4th, 2009
If arch-bear Nouriel Roubini has really thrown in the towel on our Great Contraction – as often claimed – this was not obvious here on the shores of Lake Como in Italy.
Speaking at the Ambrosetti Workshop – a sort of Davos/Bliderberg for food-loving policy elites – he said the best we can hope for is a long-hard slog for two or three years, with a rising risk of a double dip into “W-shaped” recession.
[snip]
I grimly voted for option five: that the crisis would continue to worsen, by which I mean that the legerdemain of shifting losses onto the shoulders of the taxpayer – pushing the public debts to 100pc of GDP on both sides of the Atlantic, and 200pc in Japan – conjures away nothing. It merely stretches out the damage, and alters its shape.
[snip]
>The outrage would probably sweep away the whole political class – democrats and republicans alike – for allowing this to happen without sounding the alarm.
That would be a good thing indeed.
As would trials for misconduct, corruption, dereliction of duty, criminal negligence, and EVERYTHING else that even MIGHT apply.
Hang them if we can.
Did you see this?