CBO Issues Dire Warning on U.S. Government finances
D.Collins
TheChinaMoneyReport.com
January 20, 2016
Government estimates of debt over the next decade have gone from adding
$1.5 trillion in debt to $9.4 trillion due to recent tax legislation.
That will put the country up over $30 trillion in debt assuming there
are no further recessions.
This is the decade of no return.
Seems blowing up peoples countries and importing their poor and putting
them on benefits is no longer working. We have also tried closing all our
factories and letting the world scam us out of jobs in the “free trade”
system. World’s highest tax rates…not seeming to help either. Cramming
people into “universities” and loading them with debt has failed as well.
If this doesn’t get better soon we may have to go back to that old free
market economics crap.
WASHINGTON (AP) — A government report released Tuesday estimates that this
year’s budget deficit will rise to $544 billion, an increase over prior
estimates that can be attributed largely to tax cuts and spending increases
passed by Congress last month.
The estimate from the Congressional Budget Office also sees the economy growing
at a slower pace this year than it predicted just a few months ago. It projects
the economic growth will slow to 2.7 percent this year; it foresaw 3.0 percent
growth in 2016 in last summer’s prediction.
Over the coming decade, CBO predicts deficits totaling $9.4 trillion. That’s up
$1.5 trillion from its August estimate, with much of the increase mostly due to
last month’s tax legislation, which permanently extended several tax cuts that
Congress had typically renewed temporarily.
The Rest…HERE
