Brother, Can You Spare a Trillion?
Via InstaPundit, “A new congressional report released Friday says the United States’ long-term fiscal woes are even worse than predicted byPresident Barack Obama’s grim budget submission last month.
The nonpartisan Congressional Budget Office predicts that Obama’s budget plans would generate deficits over the upcoming decade that would total $9.8 trillion. That’s $1.2 trillion more than predicted by the administration.
The agency says its future-year predictions of tax revenues are more pessimistic than the administration’s. That’s because CBO projects slightly slower economic growth than the White House.” – AP
Simply surreal. Sadly, the general public will look at these numbers and shrug their shoulders and mutter, “meh, not my problem.” It’s also a exercise in futility to explain to people why this issue is going to bite them in the ass sooner rather than later. Entitlement spending is eating this country alive. If you think everything will just work itself out just because Obama punts and appoints a ‘Fiscal Commission,’ you couldn’t be more wrong and there are 9.8 trillion plus reasons why.
The nation is in deep, dark fiscal waters, the likes of which we have never seen before. Paying just the interest alone will cause interest rates to spiral upward, kill investments and mute job growth. And that’s if our creditors can be patient with our payback schedule. They have their own economic problems to deal with and they will need lots and lots of cash to stem their red ink. Can you speak Chinese?