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Sunday, November 27, 2005
The Heritage foundation says rock bottom is approaching
SFGate has this article discussing our national debt which has exceeded a record 8 Trillion dollars. Rock bottom is right around the corner, and Bush is driving us there at full speed.
Brian Riedl, chief budget analyst at the conservative Heritage Foundation, said the Bush administration is expected to return to Congress within the next few months to ask lawmakers -- once again -- to raise the nation's debt ceiling so we can borrow even more. ... You heard right. The top number cruncher at the Washington think tank that's arguably friendliest to the Bush administration has come to the conclusion that our debt has gotten so out of hand, it may never go away. At best, Riedl said, the national debt will be held to "a manageable level" as a percentage of the overall economy and thus won't completely ruin us. But that too might be wishful thinking. The federal budget deficit is now $319 billion. In other words, we had to borrow an additional $319 billion this year just to make ends meet, which is why the total amount owed by the government is higher than ever. Riedl estimates that the annual budget shortfall will reach $873 billion 10 years from now. Two years after that, he predicts, the annual deficit will hit $1 trillion. By the time that happens, Riedl's calculations show the national debt doubling to about $16 trillion, or a staggering 74 percent of the country's projected gross domestic product of $21.5 trillion. "And it continues to worsen after that," Riedl said as he scrutinized his spreadsheet. "After 2017, we'll be looking at deficits of $2 trillion a year." |
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