Thursday, January 25, 2007

There were some recent stories about how the U.S. , particularly it's economy, was not functioning well.

Thus: Some great experts have opined that the U.S. couldn't come out of deficit until 2012, but only if the Bush tax cuts were dropped etc. etc.

But no one knows.

On a roughly $14 trillion economy a $1-200 billion deficit is --- chump change.

3 Comments:

Anonymous Anonymous said...

$100 to $200 billion is not chump change, Ben. It's a sign of a poorly managed federal budget and it's a cruel tax on future taxpayers. It invites tax increases from future Congresses and future Presidents. It's nothing to be sniffed at.

January 26, 2007  
Anonymous James, NY said...

Surely you can't be serious Ben. 2006's federal budget deficit was actually more than $400 BILLION, with a B, dollars. That brought our total national debt to $8.6 TRILLION, with a T. The interest payments on that amount are $406 BILLION dollars for fiscal year 2006.

We don't need to be adding any more debt to this $8.6 trillion total, Ben. That's the bottom line.

January 26, 2007  
Blogger Roy Lofquist said...

Dear Ben,

The revised figures for the last quarter show a 3.5% annual growth rate. If this keeps up in 20 years the economy will be twice as large (actually 1.98..).

If technology continues apace (lower income people today live better than the rich of 50 years ago) then the foretold horrors of Social Security and Medicare will fade into the sunset.

Regards,
Roy

January 31, 2007  

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