This article today from the Director of the Federal Budget Office's blog site.
He told congress yesterday that there is no way that our nation can sustain the financial direction that the current administration has led us into.
Do you think that congress will actually listen to facts instead of hyped/hope built on nothing other than whims and dreams as opposed to reality?
cbo blog
The Long-Term Budget Outlook
Today I had the opportunity to testify before the Senate Budget Committee about CBO’s most recent analysis of the long-term budget outlook.
Under current law, the federal budget is on an unsustainable path, because federal debt will continue to grow much faster than the economy over the long run. Although great uncertainty surrounds long-term fiscal projections, rising costs for health care and the aging of the population will cause federal spending to increase rapidly under any plausible scenario for current law. Unless revenues increase just as rapidly, the rise in spending will produce growing budget deficits. Large budget deficits would reduce national saving, leading to more borrowing from abroad and less domestic investment, which in turn would depress economic growth in the United States. Over time, accumulating debt would cause substantial harm to the economy. The following chart shows our projection of federal debt relative to GDP under the two scenarios we modeled.
Federal Debt Held by the Public Under CBO’s Long-Term Budget Scenarios (Percentage of GDP)
Keeping deficits and debt from reaching these levels would require increasing revenues significantly as a share of GDP, decreasing projected spending sharply, or some combination of the two....
Go to the official site for the entire lo-down.
XtnYoda, shalomed
He told congress yesterday that there is no way that our nation can sustain the financial direction that the current administration has led us into.
Do you think that congress will actually listen to facts instead of hyped/hope built on nothing other than whims and dreams as opposed to reality?
cbo blog
The Long-Term Budget Outlook
Today I had the opportunity to testify before the Senate Budget Committee about CBO’s most recent analysis of the long-term budget outlook.
Under current law, the federal budget is on an unsustainable path, because federal debt will continue to grow much faster than the economy over the long run. Although great uncertainty surrounds long-term fiscal projections, rising costs for health care and the aging of the population will cause federal spending to increase rapidly under any plausible scenario for current law. Unless revenues increase just as rapidly, the rise in spending will produce growing budget deficits. Large budget deficits would reduce national saving, leading to more borrowing from abroad and less domestic investment, which in turn would depress economic growth in the United States. Over time, accumulating debt would cause substantial harm to the economy. The following chart shows our projection of federal debt relative to GDP under the two scenarios we modeled.
Federal Debt Held by the Public Under CBO’s Long-Term Budget Scenarios (Percentage of GDP)
Keeping deficits and debt from reaching these levels would require increasing revenues significantly as a share of GDP, decreasing projected spending sharply, or some combination of the two....
Go to the official site for the entire lo-down.
XtnYoda, shalomed
posted by XtnYoda at 12:54 PM
1 Comments:
I read that yesterday and studied the graphs. Why have a federal budget office? If congress isn't going to listen to them.
This is abject lunacy and the vice lunatic in chief Biden, is running around in the media today acting his usual stupid self and claiming that this farce of Obama's is working.
And that we have to spend trillions to save ourselves from bankruptcy.
Malicious ideologues one and all.
Post a Comment
<< Home