Sunday, June 28, 2009
The Washington Post reports on the new CBO Report:
To put it bluntly, the fiscal policy of the United States is unsustainable. Debt is growing faster than gross domestic product. Under the CBO's most realistic scenario, the publicly held debt of the U.S. government will reach 82 percent of GDP by 2019 -- roughly double what it was in 2008. By 2026, spiraling interest payments would push the debt above its all-time peak (set just after World War II) of 113 percent of GDP. It would reach 200 percent of GDP in 2038.
This huge mass of debt, which would stifle economic growth and reduce the American standard of living, can be avoided only through spending cuts, tax increases or some combination of the two. And the longer government waits to get its financial house in order, the more it will cost to do so, the CBO says.
Yes, it is a good time to be passing national health insurance. And that fake stimulus bill, another great idea. Bailing out the auto companies -- nice move. Cap and Trade -- that will help the economy. And what we really need to handle these problems is stronger unions.
How bad is Obama? That's a good question, but based on these 5 months, I would say one must go back at least to Lyndon Johnson to get a President as bad as him.