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Drowning America in Debt 21 March, 2009

Posted by David Anderson in Budget.
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Trillion dollar deficits as far as the eye can see is an unsustainable proposition. The CBO said the really bad news that the administration plans to run 7 trillion dollar deficits is worse. The projected deficit is 9.3 trillion dollars over the next 10 years with the highest non-war deficit to GDP (national production) ever. They had numbers which were even worse but the administration convinced them to take its growth projections of over 4.1% for 2010 and 2011 based upon the stimulus package heating up the economy.

Senator Jud Gregg, R-NH called the numbers unsustainable. He was not alone. The President’s own OMB director said the same thing. The President’s reaction was it will work out. We have 4 priorities. They are health care, education, energy efficiency, and deficit reduction. My question is which of these 4 does not belong. I love the idea of deficit reduction, but it appears the administration loves to be associated with it only by rhetoric. Saying one thing and doing the opposite will only work so long.

Friends, in 2010 don’t let friends vote Democrat or else you will pay for ever.

President Obama’s budget director, Peter R. Orszag, conceded in a news briefing on Friday that annual deficits of 4 to 5 percent of gross domestic product, as envisioned in the office’s report, are “ultimately not sustainable.”

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