Posted on 04/08/2010 7:30:02 PM PDT by Red in Blue PA
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.
(Excerpt) Read more at politico.com ...
“CBO chief says debt ‘unsustainable’”
All I can think to say, at this point, is NO SH*T SHERLOCK!!
Cannot wait to hear obama and he libs, as the CBO is their most quoted source recently.
Now they say it, like that will give them some cover.
Welcome to the VAT. “it’s for the children”
It’s coming. Like the tsunami which cannot be seen until it is finally covering you.
Question: If the “Untied” States does fracture into a “red country” and a “blue country”, is the “red country” liable for the debts incurred in the name of the “blue country”?
Or are we going to be rather like the situation between North and South Korea?
Bagdhad Bob will be twisted like a pretzel to turn this into good news.
More like CWII. Start from scratch.
Unless there were borders, the blue staters would just foul their nests then move to the red states.
This spending by the dems is a setup to bring the VAT tax. The dems spending/healthcare fiasco is what is causing all of us to pay much more in taxes!!!!!!
Game over.
Things will be a lot worse a lot more quickly than he’s predicting. If we have another recession, which we will, the deficit will go even higher and the debt will grow faster. When the Treasury can no longer find buyers for all of the new debt they’re issuing then they will have to pay higher interest to fund the debt which will increase the deficit even more.
Not a pretty picture.
Perhaps it is time people from this thread saw this one from earlier today....start preparing now!
http://www.freerepublic.com/focus/news/2488956/posts?page=1
Does this make Doug Elmendorf a Tea Partier?
Ya THINK?
It’s unsustainably racist, that’s what it is. Whatever the deficit is, it was stolen from the poor. We owe them.
This from the guy who “scored” healthcare as costing only $1 TRILLION because he counted 6 years of benefits and 10 years of taxes?
I could afford a lot more house if the bank let me count 10 years of income and only 6 years of mortgage payments.
He’s a complete dolt...as are all in the regime.
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