Listening
Gold Member
- Aug 27, 2011
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David Stockman craps on the CBO for it's "rosie" budget projections. I've not seen the actual projections, but things can't look to good.
Stockman then rehearses the tired tale of how we are at 18 trillion in debt and going in the wrong direction.
David Stockman US Federal Debt Will Keep Growing at Fast Pace
He believes the rosy scenario currently projected by the Congressional Budget Office (CBO) for 4 percent GDP growth in coming years is ridiculously optimistic and "does not have a snowball's chance of materializing over the next decade. Rather than $8 trillion of cumulative baseline deficits over the next 10 years as projected by CBO, the current policy stalemate in Washington — that has been running for 30 years now — will generate at least $15 trillion of new public debt in the decade ahead."
When that new debt is added to the current $18 trillion hole the nation has dug itself, the mountain of public debt will hit $33 trillion in 10 years, he wrote. At that point, Stockman estimates America's public debt will total a whopping 140 percent of GDP.
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I wonder if Chenny (who I have always liked...but don't agree with on this one) still thinks deficits don't matter.
I mean we are in deep doodoo.
I would suggest we need to balance our budgets now in order to get this turned around.
Next, we are going to have to understand how wealth is accumulating in the hands of a few. I don't begrudge them wealth. But economics teaches that if people are making good money...others come after those profits. Why does Walmart still exist as it does ?
Stockman then rehearses the tired tale of how we are at 18 trillion in debt and going in the wrong direction.
David Stockman US Federal Debt Will Keep Growing at Fast Pace
He believes the rosy scenario currently projected by the Congressional Budget Office (CBO) for 4 percent GDP growth in coming years is ridiculously optimistic and "does not have a snowball's chance of materializing over the next decade. Rather than $8 trillion of cumulative baseline deficits over the next 10 years as projected by CBO, the current policy stalemate in Washington — that has been running for 30 years now — will generate at least $15 trillion of new public debt in the decade ahead."
When that new debt is added to the current $18 trillion hole the nation has dug itself, the mountain of public debt will hit $33 trillion in 10 years, he wrote. At that point, Stockman estimates America's public debt will total a whopping 140 percent of GDP.
****************************************
I wonder if Chenny (who I have always liked...but don't agree with on this one) still thinks deficits don't matter.
I mean we are in deep doodoo.
I would suggest we need to balance our budgets now in order to get this turned around.
Next, we are going to have to understand how wealth is accumulating in the hands of a few. I don't begrudge them wealth. But economics teaches that if people are making good money...others come after those profits. Why does Walmart still exist as it does ?