I hate to interrupt Obama’s “We Don’t
Have a Spending Problem” World Tour. But reality intervened on Tuesday
as the Congressional Budget Office released a report that says that the
budget deficit will grow through 2023 and “will eventually require the
government to raise taxes, reduce benefits and services, or undertake
some combination of those two actions,” reports CBSNews- and all of that just to cover interest payments.
“In its annual Budget and Economic
Outlook,” writes CBSNews, “the CBO said debt held by the public will be
bigger by 2023 than in any year since 1951 and will be at 77 percent of
gross domestic product (GDP) by 2023, far above the 40-year average of
39 percent of GDP. As a result, the CBO report said, the federal
government’s interest costs ‘will be very high’ and will be rising.
Interest costs will more than double by the end of the ten-year
forecasting period.”
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