Somewhat overshadowed by the row about the sequester yesterday were the Congressional Budget Office?s very bleak numbers about anticipated debt and the impact on growth. Economist Douglas Holtz-Eakin and Gordon Gray of the conservative American Action Forum observe, ?CBO?s baseline confirms that the nation, despite claims to the contrary, remains on a damaging debt pathway.? They observe that debt will remain over 90 percent of gross domestic product for the period 2013-2023, resulting in a drag on growth equal to 1 percent per year. That translates into a total loss of 11 million jobs for that period. Moreover, by 2023 Medicare, Medicaid and Social Security will comprise about 64 percent of the budget, ?crowding out other federal priorities.?
The obvious solution is to stop spending so much on entitlement programs. The problem is that the president won?t do that, insisting on raising taxes (a trivial amount compared to the debt but nevertheless another drag on an economy that isn?t growing) or cutting relatively small amounts in discretionary funding (the remaining part of the sequester is less than $1 trillion).
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Source: http://www.theabsurdreport.com/2013/the-gigantic-debt-is-crushing-our-economy-by-jennifer-rubin/
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