Question of the Week: To avoid a European-like fiscal crisis, which of these measures do you support to stop our exploding debt?Posted by Randy | June 14, 2012
The nonpartisan Congressional Budget Office (CBO) warned last week that U.S. debt is scheduled to reach 70% of the Gross Domestic Product by the end of the year and grow to nearly twice the size of the U.S. economy by 2037.
The CBO report says, “Over the past few years, the federal government has been recording budget deficits that are the largest as a share of the economy since 1945. Consequently, the amount of federal debt held by the public has surged. By the end of this year, CBO projects that the federal debt will reach roughly 70 percent of gross domestic product (GDP), the highest percentage since shortly after World War II. Whether that debt will continue to grow in coming decades will be affected by long-term demographic trends (particularly the aging of the population), economic developments, and policymakers’ decisions about taxes and spending.”
To read the full report, click here.
Read the Wall Street Journal’s article here: Dire CBO Report Urges Fiscal Fixes.
Question of the Week: To avoid a European-like fiscal crisis, which of these measures do you support to stop our exploding debt?
( ) Reforming Medicare and Social Security entitlement programs
( ) Allowing Bush-era tax cuts to expire
( ) Enact other tax increases?
( ) Government spending cuts (Share your recommended spending cuts below)
( ) Other (share your thoughts below)
Take the poll here.
Find the results of last week’s instaPoll here.
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