By Paul Winfree
Government debt has grown by $13.6 trillion over the past two presidential administrations—from 54 percent of the economy when President George W. Bush took office to 102 percent today in President Barack Obama’s final months. The Congressional Budget Office estimates that debt will grow by another $9.8 trillion over the next decade, but only if policymakers break their addiction to driving up even more spending in future legislation. Over the next 35 years, debt held by the public (that is, debt not including borrowed money from the Social Security and Medicare trust funds) could grow from 74 percent to 224 percent of gross domestic product, according to the Government Accountability Office......Read more
No comments:
Post a Comment