The consequences of this spending madness
This report by the Congressional Budget Office explains in simple terms what the Congress has been doing over the last two years, and what the consequences are likely to be unless the madness is reversed, that the US suffers a crisis similar to that of EU countries like Greece:
We’ve been saying for a long time now that the planned future deficits of the United States are simply unfinanceable, and anyone who is capable of adding and subtracting ought to have been able to figure this out by now. But apparently they haven’t.
July 29th, 2010 at 10:28 am
So the alternative path includes actions that are likely to happen, like the doctor fix. If I read it right, they said it would be even worse than that, if they took into account the harmful effects of the rising debt and interest rates on the economy.
Indeed even with this nightmarish scenario, they still predict capitalism will manage to overcome all the taxes and debt burden and just keep chugging along. No wonder they want to postpone the implementation of so many of these massive bills, till they can sneak through another election.
It seems quite vital that Republicans at least wrest control of the House away from Democrats this November.