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It’s hard to turn on your TV or read an editorial page these days without encountering someone declaring, with an air of great seriousness, that excessive spending and the resulting budget deficit is our biggest problem. Such declarations are rarely accompanied by any argument about why we should believe this; it’s supposed to be part of what everyone knows.
This is, however, a case in which what everyone knows just ain’t so. The budget deficit isn’t our biggest problem, by a long shot. Furthermore, it’s a problem that is already, to a large degree, solved. The medium-term budget outlook isn’t great, but it’s not terrible either — and the long-term outlook gets much more attention than it should.
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Recently the nonpartisan Center on Budget and Policy Priorities took Congressional Budget Office projections for the next decade and updated them to take account of two major deficit-reduction actions: the spending cuts agreed to in 2011, amounting to almost $1.5 trillion over the next decade; and the roughly $600 billion in tax increases on the affluent agreed to at the beginning of this year. What the center finds is a budget outlook that, as I said, isn’t great but isn’t terrible: It projects that the ratio of debt to G.D.P., the standard measure of America’s debt position, will be only modestly higher in 2022 than it is now.
Obama just doesn't care if he bankrupts this nation trying to transform it into a socialist nation. Socialists never learn.
I love this line of reasoning (and I use the word "reasoning" loosely here.)
The argument is, I guess, that any president that doesn't have a balanced budget is a socialist? That leaves a lot of socialist presidents, like that Socialist Reagan.
The fact is that we do not have a debt crisis and the current projections decisively indicate we aren't on the way to having a debt crisis at any point in the future. End of story.
I love this line of reasoning (and I use the word "reasoning" loosely here.)
The argument is, I guess, that any president that doesn't have a balanced budget is a socialist? That leaves a lot of socialist presidents, like that Socialist Reagan.
The fact is that we do not have a debt crisis and the current projections decisively indicate we aren't on the way to having a debt crisis at any point in the future. End of story.
That's weird, because Obama the candidate sure suggested we had a debt problem and said that the increase in debt incurred under Bush was unpatriotic - something about passing it along to our children.
And Obama was apparently concerned enough about it that he established a debt commission and charged them with studying and proposing ways to reduce the debt. Of course, he ignored their recommendations.
I love this line of reasoning (and I use the word "reasoning" loosely here.)
The argument is, I guess, that any president that doesn't have a balanced budget is a socialist? That leaves a lot of socialist presidents, like that Socialist Reagan.
The fact is that we do not have a debt crisis and the current projections decisively indicate we aren't on the way to having a debt crisis at any point in the future. End of story.
Now that is truly hilarious, to anyone who remembers Paul Krugman playing the role of Dr. Doom over the Bush deficits in the early 2000's...deficits that turned out to be quite tiny in comparison to the five time and reigning world deficit champion, Barack Obama.
The budget deficit has been cut significantly. This is objective reality.
conservatives continue to prove that they don't care that the budget deficit is shrinking because they don't care about budget deficits.
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