This Wall Street Cheat Sheet article declares that the CBO said we have a tax problem, not a spending problem. They go on to tell their readers that we should be celebrating lower spending projections on health care, and how the CBO says that the government just needs more money, not to spend less. But here is what they did not tell their readers about that CBO report. Please read the report for yourself. "Budget deficits would gradually rise again under current law, CBO projects, mainly because of increasing interest costs and growing spending for Social Security and the government’s major health care programs (Medicare, Medicaid, the Children’s Health Insurance Program, and subsidies to be provided through health insurance exchanges). CBO expects interest rates to rebound in coming years from their current unusually low levels, sharply raising the government’s cost of borrowing. In addition, the pressures of an aging population, rising health care costs, and an expansion of federal subsidies for health insurance would cause spending for some of the largest federal programs to increase relative to GDP. By 2023, CBO projects, the budget deficit would grow to almost 31⁄2 percent of GDP under current law, and federal debt held by the public would equal 71 percent of GDP and would be on an upward trajectory." CBO Report, Page 1 cbo.gov/sites/default/files/cbofiles/attachments/44521-LTBO2013.pdf Wall Street Cheat Sheet article: wallstcheatsheet/stocks/cbo-we-have-a-tax-problem-not-a-spending-problem.html/
Posted on: Mon, 23 Sep 2013 17:01:16 +0000
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