Wednesday, July 28, 2010

Congressional Budget Office - #1979 - Deficits Will Cause Debt to Rise to Unsupportable Levels - Congressional Budget Office Report

Over the past few years, U.S. government debt held by the public has grown rapidly - to the point that, compared with the total output of the economy, it is now higher than it has ever been except during the period around World War II. The recent increase in debt has been the result of three sets of factors: an imbalance between federal revenues and spending that predates the recession and the recent turmoil in financial markets, sharply lower revenues and elevated spending that drive directly from those economic conditions, and the costs of various federal policies implemented in response to the conditions........ Unless policy makers restrain the growth of spending, increase revenues significantly as a share of GDP, or adopt some combination of those two approaches, growing budget deficits will cause debt to rise to unsupportable levels.   Read more.......  Please print out this report, would be useful in a Town Hall meeting or in discussion with family and friends to help them to realize the economic peril we are facing.

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