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.
On Wednesday, Bernanke said in a speech in Dallas that the government must cut entitlements or raise taxes.
Answer by grlygrlz2 at 8:31 AM on Apr. 10, 2010
Answer by itsmesteph11 at 8:52 AM on Apr. 10, 2010
Answer by TeensMom07 at 8:53 AM on Apr. 10, 2010
Answer by sopranomommy at 9:06 AM on Apr. 10, 2010
Answer by mancosmomma at 10:21 AM on Apr. 10, 2010
Answer by Anonymous at 10:44 AM on Apr. 10, 2010
Stop spending money like the coffers are a bottomless pit, get rid of the tax code and implement a flat tax, burn all entitlements and make people get a job (and not a government job even though at least they would be working for their money).
Answer by jesse123456 at 11:13 AM on Apr. 10, 2010
Answer by tnmomofive at 12:33 PM on Apr. 10, 2010
Answer by tnmomofive at 1:46 PM on Apr. 10, 2010
Answer by NotPanicking at 2:06 PM on Apr. 10, 2010