Today's Fiscal Policy is Unsustainable

[ZarathosNY]

From the GAO

http://www.gao.gov/new.items/d05282sp.pdf

Simply put, our nation's fiscal policy is on an unsustainable course. As long-term budget simulations by GAO, the Congressional Budget Office (CBO), and others show, over the long term we face a large and growing structural deficit due primarily to known demographic trends and rising health care costs. Continuing on this unsustainable fiscal path will gradually erode, if not suddenly damage, our economy, our standard of living, and ultimately our national security. Our current path also will increasingly constrain our ability to address emerging and unexpected budgetary needs.

This is really scary

If we assume that all tax cuts remain in effect rather than expire as
scheduled under current law, and if we further assume that for the first 10
years discretionary spending grows with the economy rather than at the
rate of inflation, a dramatically different picture emerges. This simulation
is called “Discretionary Spending Grows with the Economy and All
Expiring Tax Provisions are Extended.” (See fig. 2.) Under this alternative
simulation, by 2040 the government would have only enough money to pay
interest on the federal debt!

 

[bmulligan]

I have a solution:

Cut spending. Maybe I can get a 10 million dollar research grant to study the subject.........

 

[zionoverfire]

[quote name='bmulligan']I have a solution:

Cut spending. Maybe I can get a 10 million dollar research grant to study the subject.........[/quote]

No, the only way to solve the problem is to raise taxes!

 

[Trancendental]

[quote name='zionoverfire'][quote name='bmulligan']I have a solution:

Cut spending. Maybe I can get a 10 million dollar research grant to study the subject.........[/quote]

No, the only way to solve the problem is to raise taxes! [/quote]

Are you crazy?

When you're in a hole, keep digging!!!

More tax cuts, but only for the super-rich! They're the ones who are going to buy enough yachts to put America back on it's feet!!!

 

[ZarathosNY]

[quote name='bmulligan']I have a solution:

Cut spending. Maybe I can get a 10 million dollar research grant to study the subject.........[/quote]

You won't get it. My research will only cost 5 mil.

 

[Backlash]

This is one reason I dislike Bush. I am not against tax cuts (nor for them), but I AM against what I see as irresponsible tax cuts: cutting taxes while increasing spending.

It seems like he just cut them because he believes in tax cuts, rather than looking at the reality of the situation. If he can decrease gov spending in various areas, then by all means let us keep our money. However, if he wants to spend billions on war and domestic policies, then he needs to pay for it.

Fiscal responsibility. Sonic's got it, others don't.

 

[elprincipe]

Re: the subject...tell us something we don't know.

 

[Hereticked]

Reagan used similarly irresponsible fiscal policy during the 80's and was forced to raise taxes for the last 4-5 years of his administration as a result. Subsequently, George Bush Sr. had to raise taxes despite his promise not to do so.

Now the Bush Administration is taking us on the same ride based on flawed ideology only this time, they're not going to raise taxes to correct their own dumb-f*ckery.

Whether its to forward their primary agenda (cheap labor), to destroy the middle class and take away any real economic and political power the American people have, or simply to stack the bodies high enough around the world so Jesus can step out of the clouds and the rapture can begin..... in the next 4-6 years WE ARE ING SCREWED.

We have both budget deficit and trade deficit to the ceiling and China isnt going to buy our debt anymore. They are going to drop the dollar and eat us alive.

Anyone who has supported this jackass of a president and the puppeteers that control him, the coming economic ruin is on your hands.