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June 22, 2011
CBO: U.S. Budget Outlook 'Daunting'
Topics: Political News and commentariesAs though you didn't already know where the Obama administration and his fellow Democrats in Congress are taking this country, the Congressional Budget Office has issued yet another grim forecast today regarding the long-term outlook of the federal budget. According to the new CBO report, U.S. public debt is set to reach 100 percent of GDP in 2021, and 190 percent of GDP in 2035 if nothing is done to change its current trajectory.
And as Andrew Stiles points out, this is monumentally worse than was predicted in last year's report, when the CBO estimated that debt would reach just 80 percent of GDP in 2035.
This year alone, the CBO projects that public debt will reach 70 percent of GDP, up from 62 percent at the end of fiscal year 2010 (the historical average for the U.S. is about 20 percent). Leading economists have warned that countries whose debt exceeds 90 percent of GDP are imminently at risk of a severe credit crisis, and will experience an immediate negative impact on economic growth and job creation.Not to worry, though. As Stiles goes on to point out, the Democrats have a plan. No, it's not to stop spending ourselves into national bankruptcy ... it's to ... wait for it ... you guessed it - 'raise taxes'.
Posted by Richard at June 22, 2011 12:42 PM
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- CBO: U.S. Budget Outlook 'Daunting' - Jun 22, 2011
