Tuesday, July 10, 2012

Heading Toward National Insolvency

Americans don't need to go to the movies to see a horror picture show. The Congressional Budget Office's latest report on the federal budget should scare everyone. Not that Washington seems to have noticed.
For the fourth year in a row the federal government is running a deficit in excess of $1 trillion. Yet President Barack Obama is lecturing European governments on how to solve the Eurozone crisis. He should be telling them what not to do: stop running up wild and irresponsible debts.
That's what the CBO opined in its recent budget report "The 2012 Long-Term Budget Outlook." The document is a bit dry, but the looming catastrophe it describes could not be more frightening.
Explained CBO: "In the past few years, the federal government has been recording the largest budget deficits since 1945, both in dollar terms and as a share of the economy. Consequently, the amount of federal debt held by the public has surged."

Read more: http://spectator.org/archives/2012/07/10/heading-toward-national-insolv

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