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Posts Tagged ‘Federal Deficit’

In Search of the Next Crisis

May 13th, 2013

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The deficit is going down. Woo-hoo!  Let the celebrations begin.

Oh, wait. That may not be altogether a good thing. Certainly not for Republicans. They need an out-of-control deficit to bludgeon Democrats into cutting more spending. It may not be good news for the economic recovery either. Budget austerity means slower growth. Want proof? Look at Europe.

The Congressional Budget Office estimates that this year’s federal budget deficit will drop from $1.1 trillion to $845 billion. Economists at Goldman Sachs project that we will get the deficit under control within two years. Why is this happening?

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‘Me-first’ on the federal deficit

September 23rd, 2010

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This piece was originally published in Politico.

On the current path, the budget deficit is likely to weigh in at $3 trillion by 2030. Economic growth is predicted to average a pathetic 2.2 percent. The total national debt is expected to reach $34 trillion. Nearly 70 cents of every federal dollar will be swallowed up by Medicare, Medicaid, Social Security — and payments to Chinese holders of U.S. debt.
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