Unsustainable Debt
January 28th, 2010 | by BGuzzardi |
Entrepreneurial Investors Daily says US debt “unsustainable” and this does not include Entitlements for Medicare Medicaid and Social Security. “In just the last year alone, according to a report this week from the Committee for a Responsible Federal Budget (CRFB), total U.S. public debt has jumped to $7.6 trillion, or 53% of GDP, from $5.7 trillion, or 41% of GDP. Also this week, to accommodate its out-of-control spending, Congress will vote to lift the U.S. debt limit by $1.8 trillion — to almost $14 trillion. Why now? They don’t want to do it in 2010, an election year.” It is, however, that sets the stage for debt and deficits and taxes and CRFB is not a “right wing” or “conservative organization.”