http://www.nytimes.com/2010/02/14/business/economy/14view.html?em
Would that be further investing in the down fall of the US, Mr. President by making sure our back has been broken from the continued burden of mounting debt?
“Let’s invest in our people without leaving them a mountain of debt,” the president said in his State of the Union address. “Let’s meet our responsibility to the citizens who sent us here.”
The troubling feature of Mr. Obama’s budget is that it fails to return the federal government to manageable budget deficits, even as the wars wind down and the economy recovers from the recession. According to the administration’s own numbers, the budget deficit under the president’s proposed policies will never fall below 3.6 percent of G.D.P. By 2020, the end of the planning horizon, it will be 4.2 percent and rising.
As a result, the government’s debts will grow faster than the economy. The administration projects that the debt-to-G.D.P. ratio will rise in each of the next 10 years. By 2020, the government’s debts will equal 77.2 percent of G.D.P. This level of indebtedness has not been seen since 1950, in the aftermath of the borrowing to finance World War II.
Making matters worse, these bleak budget projections are based on relatively optimistic economic assumptions.
