Salon: Analysts say future budget outlook gloomy

[Karmadillo]

I thought tax cuts for the wealthy would stimulate the economy and increase government revenue and there'd be surpluses as far as the eye could see. What happened?

http://www.salon.com/news/wire/2003/12/20/budget/index.html

Dec. 20, 2003 | WASHINGTON (AP) -- Keeping the federal budget at or near balance over the next 50 years could require painful tax increases, spending cuts or both, the Congressional Budget Office says.

In a look at the government's long-term budget outlook, Congress' nonpartisan fiscal analyst offered possible combinations of tax and spending changes, all of which would leave lawmakers choosing among politically unpalatable options.

Even so, some still would leave the government in fiscal peril. Yet, failing to act would drive the accumulated federal debt to unsustainable levels, said the study, released Friday.

"Taken to the extreme, such a path could result in an economic crisis," including the possibilities that foreign investors would pull out, the dollar's value plunge, interest rates and prices soar and stock markets collapse.

more...

[nadinbrzezinski]

1. We are seeing some of this

by the way remind many righties that deficits, they created them, do matter.

[Gman]

2. Buy Euros now

before its too late.

[indepat]

3. Let's all sing "Four more years, four more years," for everything is

coming up roses for you and for me, for all of America and all Americans.