Wednesday, December 22, 2010

Truth and consequences

There is broad consensus among citizens, elected representatives, and federal administrators that the United States government is on a fiscally unsustainab path. Since 2000 federal outlays have exceeded feder revenues in each fiscal year creating deficits, and deficits are projected for the foreseeable future. Our national debt is currently about 60 percent of the value of all goods and services produced in the U.S. economy and could reach an amount in excess of 100 percent of Gross Domestic Product (GDP) by 2020.

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