The Obama administration late last week, in classic late Friday afternoon attention-dodging mode, released its midsession budget review. The good news: the federal deficit for this year will be only $1,600,000,000,000 rather than $1,800,000,000,000. The bad news, which will be released officially Tuesday: the projected federal deficit for the next ten years is projected to increase to $9,000,000,000,000 from $7,000,000,000,000.
That’s an extra $547,000 per day every day for the next 10 years.
As Harvard economist Greg Mankiw points out, this means that the national debt is on it way to more than doubling over the next ten years.
Thursday, August 27, 2009
Doubling the national debt
From Washingtonexaminer.com
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