Monday, November 22, 2010

The most feasible, cost-effective solution to the budget deficit might be...

...building a time machine to take us back to 2000 so we can un-electorate the Rezzzidunce, George Phokking Asshole W. Bush.

"The outlook for the federal budget over the next decade continues to be bright. Assuming that current tax and spending policies are maintained, CBO projects that mounting federal revenues will continue to produce growing budget surpluses for the next 10 years. CBO's updated budget outlook continues a trend of steady and sometimes dramatic improvement in budget projections since 1997, reflecting the continuing impact of strong economic growth over the past few years. Although there are signs that economic growth is moderating from recent robust levels, substantial budget surpluses remain on the horizon for the next decade in the absence of large changes in policy. Over the longer term, however, budgetary pressures linked to the aging and retirement of the baby-boom generation threaten to produce record deficits and unsustainable levels of federal debt.

CBO projects that, in the absence of new legislation, total budget surpluses would grow from about 3 percent to more than 5 percent of GDP from 2002 through 2011. Under current policies, total surpluses would accumulate to an estimated $2 trillion over the next five years and $5.6 trillion over the coming decade (see Summary Table 1). Such large surpluses would be sufficient by 2006 to pay off all debt held by the public that will be available for redemption."


-- Congressional Budget Office, Janamary 2001
~

No comments: