Quote Of The Day

1 11 2009

empty pockets

David Walker, Comptroller General of the United States, said the following on April 4, 2007:

“The ‘Status Quo’ is not an option. We face large and growing structural deficits largely due to known demographic trends and rising health care costs. GAO’s [General Accounting Office] simulations show that balancing the budget in 2040 could require actions as large as cutting total federal spending by 60% of more, or raising federal taxes to two times today’s level.”

Walker said this two years before the Congressional Budget Office informed Americans, on March 20, 2009, that Obama’s budget would produce $9.3 trillion in deficits over the next decade.

~Submitted by Eowyn
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2 responses

1 11 2009
Doc's Wife

Unbelievable and unsustainable–cannot helpbut wonder what our future holds.

1 11 2009
DCG

Probably going to look a lot like Europe…high unemployment, high costs, denial of certain health care treatments….on the other hand, we could all be speaking Mandarin!

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