Risks posed by US spending "too high to be considered acceptable" (1 Viewer)

[danarhea]

Note to the mods: The only name for this link is "Abstract" which does nothing to describe the report. This is why I used a different title than what is in the link.

A new report by the GAO gives the results of its latest simulation (simulations are run 3 times per year), and the financial forecast is pretty gloomy, if steps are not taken soon. According to them, deficits are soon going to spiral out of control if we dont reign in spending, and that, according to them, current fiscal policy is unsustainable. The GAO's what-ifs on this situation is whether or not discretionary spending will grow faster or slower. Under both scenarios, our entire economy crashes if spending is not reigned in. The longer it takes to bring spending under control, the greater danger of economic collapse.

In the words of the GAO:

The sooner appropriate actions are taken, the sooner the miracle of compounding will begin to work for the federal budget rather than against it.

AND

Conversely, the longer action to deal with the Nation's long-term fiscal outlook is delayed, the greater the risk that the eventual changes will be disruptive and destabilizing.

A good first step in dealing with this problem before it kills our economy, and ultimately brings America to total ruin, is to kick each and every one of our leaders to the curb, both Republican and Democratic, and start over.

 

[jujuman13]

I am sure that somewhere in your head you have suggestions as to what should/could be cut from the obscene spending by the current G.O.P.

I would suggest that the largesse given to our inept and corrupt politicians be severely trimmed.

It would not mean that a great deal would be saved, but if they led (and do they love leading, so long as their own asses are not on the line) it may be that the rest of us would feel happier following.

 

[Iriemon]

Note to the mods: The only name for this link is "Abstract" which does nothing to describe the report. This is why I used a different title than what is in the link.

A new report by the GAO gives the results of its latest simulation (simulations are run 3 times per year), and the financial forecast is pretty gloomy, if steps are not taken soon. According to them, deficits are soon going to spiral out of control if we dont reign in spending, and that, according to them, current fiscal policy is unsustainable. The GAO's what-ifs on this situation is whether or not discretionary spending will grow faster or slower. Under both scenarios, our entire economy crashes if spending is not reigned in. The longer it takes to bring spending under control, the greater danger of economic collapse.

In the words of the GAO:

AND

A good first step in dealing with this problem before it kills our economy, and ultimately brings America to total ruin, is to kick each and every one of our leaders to the curb, both Republican and Democratic, and start over.

Cite?

I might agree that long term deficits will have the effect predicted.

I disagree that the only way to solve the problem is to "cut spending". Coming from the GAO I could see a political bias for the statement.

Of course, the other part of the solution is to raise taxes. If taxes were at the level they were in the 90s, a period of time where the nation seemed to get by, the deficits would be substantially if not completely eliminated.

Or more realistically, a combination of both.

I would probably agree, however, that certain programs, most notably those relating to health care (medicare/caid) pose long term problems based on current projections and trends.

 

[RightinNYC]

"according to them, current fiscal policy is unsustainable."

I'm glad this is getting more newsplay, but it's not exactly anything new. We've been pretty screwed for a loooong time when you take into account the entitlement spending.

 

[Morrow]

Regardless of the reasons for it, I think you can tell a lot about where out nation is. Threads started at about the same time as this one on partisan issues have about 80 times the number of responses as this one. No one is paying attention to this issue.

 

[Iriemon]

Regardless of the reasons for it, I think you can tell a lot about where out nation is. Threads started at about the same time as this one on partisan issues have about 80 times the number of responses as this one. No one is paying attention to this issue.

It's a catch-22. The only way you will really get Americans to focus on spending is to raise their taxes so we actually have to pay for the pork wars and entitlements the Govt is spending. As long as taxes are low and the Govt is borrowing, who cares?

Ultimately it is a failure of political will and leadership. Politicians pander tax cuts, wars and spending while they are screwing our future.

 

[RightinNYC]

Regardless of the reasons for it, I think you can tell a lot about where out nation is. Threads started at about the same time as this one on partisan issues have about 80 times the number of responses as this one. No one is paying attention to this issue.

I guess it's just because most people have faith that we will get around it. I think we will, although it will be harder than most people think.

 

[PeteEU]

There is an easy way to get around all that "pork"... link each 100 million dollars in "pork spending" to a 1% raise in taxes......

 

[teacher]

Read my sig. Put an anti-semite on ignore.

And stop spending.