Truly Scary Deficit Numbers

Pete Peterson was on with Chuck Todd today, talking deficits and giving his view that any solution will require 1)spending cuts 2) entitlement reform 3) tax increases- He used some numbers that would come into play should a solution be tried using only one of the tools. Peterson claims that budget cuts totaling 36% of the budget would have to be enacted without the use of added revenue, or taxes would have to go up by about 50% without any spending cuts. Yes we have been living well beyond our means, and the day of reckoning is coming. Another interesting statistic. By 2027 interest payments on the debt will be the biggest line item in the federal budget, outstripping even defense. By 2055 interest on the debt will consume all federal revenue. Some sobering thoughts as we continue to listen to the imbecility that passes for budget discussion these days.

http://www.msnbc.msn.com/id/32545640

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3 Responses to Truly Scary Deficit Numbers

  1. Jules Gordon says:

    Your Honor,

    You are surprised by all this?

    Jules

    Like

  2. Bill Manzi says:

    Jules,

    Not at all surprised. I think the point is that when the Republicans say you can balance the budget WITHOUT tax increases they are full of (fill in blank). When Democrats say you can balance the budget by raising taxes and without modifying entitlements they are full of (fill in blank). It will take both. What I like about Peterson and the Concord Coalition is they give REAL numbers, not the bloviating falsehoods that come from so called deficit hawks that are selling snake oil to the American public.

    Bill

    Like

  3. Jules Gordon says:

    Your Honor,

    It would be nice if the political class leading our country were courageous enough to resolve these important issues without worrying about their jobs.

    That requirement does not give me hope. That is largely our fault as voters.

    Jules

    Like

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