I agree that if we were just faced with balancing the budget, it could be done, if government spending went into austerity mode and the private sector stopped hoarding and started investing again. But the government - even the right - are not willing to make the necessary cuts, and the people would never accept the necessary tax increases. Imminent failure.
With regard to the above chart, however, you're talking deficit. I'm talking debt. The huge increase during Obama's first term (more than both Bush terms) shows no sign of slowing with continuing entitlements, bailouts and the CBO's continual upward adjustments of the financial impact of the ACA. The fact is, we really have nothing that is not borrowed. It's unsustainable.
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Re: The budget cannot be balanced...
Date: 2013-01-12 11:04 am (UTC)With regard to the above chart, however, you're talking deficit. I'm talking debt. The huge increase during Obama's first term (more than both Bush terms) shows no sign of slowing with continuing entitlements, bailouts and the CBO's continual upward adjustments of the financial impact of the ACA. The fact is, we really have nothing that is not borrowed. It's unsustainable.