CBO: Debt could double GDP by 2037

Discussion in 'Politics' started by SniperFire, Jun 5, 2012.

  1. SniperFire
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    SniperFire Senior Member

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    'The federal debt is expected to be 70% of the gross domestic product by the end of this year, and could be double the GDP by the year 2037 unless major changes are made, the Congressional Budget Office reports.

    "Over the past few years, the federal government has been recording budget deficits that are the largest as a share of the economy since 1945," says a new CBO report. "Consequently, the amount of federal debt held by the public has surged.

    "By the end of this year," the report added, "CBO projects that the federal debt will reach roughly 70 percent of gross domestic product (GDP), the highest percentage since shortly after World War II."

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    CBO: Debt could double GDP by 2037
     
  2. The T
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    The T George S. Patton Party Supporting Member

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    Seems to me that we need a heathy dose of de-regulation and Government out of our lives.
     
  3. SniperFire
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    SniperFire Senior Member

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    Not sure how we do that without civil war with all the gubmint dependents.


    Of course, we have all the guns (excepting the gang bangers, of course.)
     
  4. The T
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    The T George S. Patton Party Supporting Member

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    Gradual just as we have gotten to this point.
     
  5. OohPooPahDoo
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    OohPooPahDoo Gold Member

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    The soluation is easy but the stupit libruls won't let us do it - eliminate all taxes on anyone making more than 100k a year and jack them up to 50% for everyone making less.
     
  6. DiamondDave
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    DiamondDave Army Vet

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    But.. but.. but.. We don't have a spending problem :rolleyes:
     
  7. The T
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    The T George S. Patton Party Supporting Member

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    ^Yep.
     
  8. OohPooPahDoo
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    OohPooPahDoo Gold Member

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    That's easy to fix. Eliminate social security, medicare, pell grants, medicaid, etc. All of it. Just stop paying social security those stupid beneficiaries were dumb to think it would ever pay out anyway.
     
  9. DiamondDave
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    DiamondDave Army Vet

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    Ensure nobody is exempt from income tax.. have everyone paying the exact same rate on every dollar earned with zero exceptions... tax all income the same regardless of source.. eliminate all loopholes, etc... start cutting spending immediately on redundant agencies and programs, audit government contracts and stop paying on those that do not live up to the contract, start the elimination of federal welfare programs across the board (corp and personal) and continue the efforts in the upcoming years to cut spending even more in the areas that the federal government is operating in but has no constitutional authority to do so... hell, start reducing the IRS and the associated spending because with a simple tax code, you have no need for a huge agency... pass a balanced budget amendment where the government is not allowed to budget or spend more than the previous year's receipts

    There is a reasonable start that we can improve from
     
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  10. SniperFire
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    SniperFire Senior Member

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    You mean..... actually require the people who consume most of the free gubmint services to actually PAY for them?


    Dang. You should run for office!
     

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