The CBO Warns the Nation; Is Anybody Listening?
To compound the alarm, the CBO admits to understating the severity of the problem because its report does not include the negative impact that “substantial amounts of additional federal debt” would have on other aspects of the nation’s economy.
By Janice Shaw Crouse at American Thinker
Warning signs are everywhere — most of them carefully phrased and nuanced, but warnings, nevertheless. Greece and, closer to home, California are painful reminders of what could happen. CNBC is reporting that the Dow is repeating patterns that prevailed just before the Great Depression. The U.S. workforce suffered one its sharpest declines ever — a drop of 652,000 — in June. Economists claim that “wages are flirting with deflation.” It’s hard to find good news on the financial front. Now, the Congressional Budget Office (CBO) just released its “Long-Term Budget Outlook” to confirm what people already feared: The national debt is devastating for the future of America. According to the CBO, “the federal government has been recording the largest budget deficits, as a share of the economy, since the end of World War II.” As a result, the CBO paints a very bleak picture of our nation’s future prospects. Further, as the world’s remaining superpower, this country’s terrible financial condition affects all other nations — a fact that makes the CBO report even more alarming.
To compound the alarm, the CBO admits to understating the severity of the problem because its report does not include the negative impact that “substantial amounts of additional federal debt” would have on other aspects of the nation’s economy.
We’ve been warned; is anybody listening?
The CBO made it clear that ObamaCare — the health reform package that was shoved down the nation’s throat — did not “diminish” the problem; plus the economists at the CBO think that the president’s pledge of tax cuts for the middle class will make matters worse and that health care costs will continue to “spiral out of control.” Indeed, some analysts believe the Obama health care package locked in the unsustainable health care spending path.
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