CBO: Federal debt is "unsustainable"

[Chris]

Elmendorf noted a recent CBO report that pegged an increase in the public debt from $7.5 trillion at the end of 2009 to $20.3 trillion at the end of 2020 if President Barack Obama’s fiscal 2011 budget were to be implemented as written. As a percentage of gross domestic product, the debt would rise from 53 percent to 90 percent, CBO forecasted. The last time the percentage was that high was right after World War II.

Former Federal Reserve Chairman Paul Volcker said earlier this week that the U.S. should consider adopting a value-added tax, an idea he described as being less toxic than it has been in the past.

“If at the end of the day we need to raise taxes, we should raise taxes,” Volcker said.

While the president created a fiscal reform commission earlier this year, his budget calls for an extension of most of President George W. Bush’s 2001 and 2003 tax cuts and no major restructuring of the popular entitlement programs that constitute the lion’s share of the federal budget.

Read more: http://www.politico.com/news/stories/0410/35546.html#ixzz0kZGqRYkd

I guess they're just going to cross their fingers and wish the debt away.  Apparently, Barry has appointed a "bipartisan" Congressional committee to address debt reduction.  Right.  The same clowns that created the debt will be expected to come up with ideas to fix it. 

The inmates are running the asylum.

[The Village Idiot]

That should be obvious to anyone who went further than 3rd grade math

[Chris]

That should be obvious to anyone who went further than 3rd grade math

*ahem*

Of course, we don't know if the President made it out of third grade since he has never released any school records.

[thundley4]

Here comes the VAT tax.

[Carl]

How interesting that a CBO scoring of Ocare saying it would reduce the deficit was what supposedly tipped the balance in the house.
That was of course based on Congress saying it was going to cut 400-500 billion out of Medicare from waste,fraud and abuse.
Guess that part fell out of the proposed budget.

Carter was a simple,incompetent fool...this one is shrewd,incompetent idiot.