August 28, 2014

Federal Debt Threatens Economy in Long Term

The Obama administration has the economy wrong, according to the Congressional Budget Office report on the outlook of the economy for the next 10 years. Last month, the great cooker of books at the White House said the Gross Domestic Product grew at a 2.6% rate this year. But the CBO downgraded that number to 1.5%. Contrast that to average growth of 4% during Ronald Reagan’s recovery. The good news is the deficit is shrinking, and will continue to shrink until Obama slinks from office. But once 2017 rolls around, the federal debt will again rear its head. If it isn’t fixed, the debt will hold back the economy, make the federal government less responsive to “unexpected challenges” and risk a fiscal crisis, according to the CBO. And remember: The debt really skyrocketed beginning with Obama’s response to the financial crisis, so it’s present decrease is hardly remarkable. More…

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