Subject opinion to coercion: whom will you make your inquisitors? Fallible men, governed by bad passions, by private as well as public reasons. And why subject it to coercion? To produce uniformity? But is uniformity of opinion desirable? No more than of face and stature.

- Thomas Jefferson

Bankrupt?

The Congressional Budget Office (CBO) thought you might like to know:

Further increases in federal debt relative to the nationís output (gross domestic product, or GDP) almost certainly lie ahead if current policies remain in place. The aging of the population and rising costs for health care will push federal spending, measured as a percentage of GDP, well above the levels experienced in recent decades. Unless policymakers restrain the growth of spending, increase revenues significantly as a share of GDP, or adopt some combination of those two approaches, growing budget deficits will cause debt to rise to unsupportable levels. [Read]

Do not worry, Washington is speeding up the process of resolution...as failure will bring about resolution.

posted at 00:06:35 on 07/28/10 by clearpolitics - Category: Economics - [Permalink]

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The Gross National Debt