Saturday, July 18, 2009

What liberal is still complaining about the "Bush deficits" with a straight face?

From the Financial Times:

"The Congressional Budget Office, a nonpartisan watchdog, forecasts that the US will post deficits in excess of a trillion dollars in each of the next 10 years. Even on its relatively optimistic assumptions for economic growth, moreover, the CBO predicts national debt will double to 82 per cent of GDP in the next decade – a level not seen since the second world war...

"This would push the US close to the chronic debt levels seen in Japan and Italy. “People used to talk about America’s long-term fiscal crisis,” says Douglas Elmendorf, head of the CBO. “That crisis is now.”
Once merely a worthy subject of concern, America’s fiscal outlook has rapidly become the object of widespread alarm. “Aside from weapons of mass destruction and terrorism, America’s fiscal situation is the most dangerous challenge facing the country,” says Mr Gregg. “Unchecked, it will reduce growth, weaken the dollar and ultimately undermine America’s global leadership role.”

http://www.ft.com/cms/s/0/48575b18-61b5-11de-9e03-00144feabdc0,dwp_uuid=d7b5a5de-07de-11de-8a33-0000779fd2ac.html

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