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What do you want the Federal Government to do about our nation's fiscal future?

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.

Answer Question
 
grlygrlz2

Asked by grlygrlz2 at 8:29 AM on Apr. 10, 2010 in Politics & Current Events

Level 39 (106,530 Credits)
Answers (12)
  • On Wednesday, Bernanke said in a speech in Dallas that the government must cut entitlements or raise taxes.

    grlygrlz2

    Answer by grlygrlz2 at 8:31 AM on Apr. 10, 2010

  • The first step would be to STOP SPENDNG! Obama and the Dems know we are in danger of bankruptcy and ruin if they keep it up but do they stop? No. Seems daily you hear about money going out. They think they did a wonderful thing by smashing through this health bill and now they can continue to spend like drunken sailors. What happened to paygo? Now I hear we are paying the Taliban to stop planting Poppy. How about we just put that money towards keeping drugs out of our country. It's just sick what is happening to our country. The baby boomers have no hope of ever living the life they enjoyed in the past.. Even worse is the fact our nrxt generation will not know the prosperity Amarica has known in the years past. While it's been happening for years this administration is refusing to believe their own spending will not cure what ails us and continue to espouse the California like ideals that have bankrupted them.
    itsmesteph11

    Answer by itsmesteph11 at 8:52 AM on Apr. 10, 2010

  • Stop spending, cut all politicians' pays across the board and get people back to work!
    TeensMom07

    Answer by TeensMom07 at 8:53 AM on Apr. 10, 2010

  • cut taxes and spending then get the hell out of the way.
    sopranomommy

    Answer by sopranomommy at 9:06 AM on Apr. 10, 2010

  • I think the government, from the POTUS on down, should take the same 20% pay cut they are giving doctors. That would be a start.
    mancosmomma

    Answer by mancosmomma at 10:21 AM on Apr. 10, 2010

  • Bring the troops home and end the Fed.
    Problem solved.
    Anonymous

    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).

    jesse123456

    Answer by jesse123456 at 11:13 AM on Apr. 10, 2010

  • You knopw what will happen taxes will sky rocket to pay for all of this crap Obama and the admin have done.All of the spending.Right now almost half of the country doesn't even pay taxes because they get it all back and then some for some folks.The tax paying base is shrinking.So watch taxes will sky rocket but it won't only be on the actual tax payers it will be EVERYBODY all classes.The actual tax payers will likely have to fork over the most as usual but all will pay in some form or another.THANKS OBAMA! If he'd of stopped the crazy spending and focused on what should of been focused on it wouldn't be so bad and our economy could be in better shape right now.BUT nooooo to focused on the agenda got to cram as much of the liberal agenda down our throats before it is too late.
    tnmomofive

    Answer by tnmomofive at 12:33 PM on Apr. 10, 2010

  • Once again grly yet another great post that gets little to no attention.Ladies are on here too alot of them have been yet this post is avoided..imagine that.
    tnmomofive

    Answer by tnmomofive at 1:46 PM on Apr. 10, 2010

  • I want them to do NOTHING. They've screwed it up enough already. Time for them to take their fingers out of it and let it catch up to all the tinkering they've been doing. It takes up to 18 months for every tweak they do to trickle down and have an impact on the economy. Think of the gigantic mess we'll see a year from now when all of what they've done this year really hits home.
    NotPanicking

    Answer by NotPanicking at 2:06 PM on Apr. 10, 2010

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