Does Anyone feel like Bailing

Even according to the White House’s new budget projections, the gross federal debt in public hands will exceed 100 per cent of GDP in just two years’ time. This year, like last year, the federal deficit will be around 10 per cent of GDP. The long-run projections of the Congressional Budget Office suggest that the US will never again run a balanced budget. That’s right, never.

Huh?

We have had a balanced budget only once in the last 50 years...in 1999 - 2000.

THE CBO projections:

Under current law, the federal fiscal outlook beyond this year is daunting: Projected deficits average about $600 billion per year over the 2011–2020 period despite an anticipated economic recovery, albeit a slow and tentative one. In the baseline projections, deficits drop markedly in the next few years but remain high—at 6.5 percent of GDP in 2011 and 4.1 percent in 2012, the first full fiscal year after certain tax provisions originally enacted in 2001, 2003, and 2009 are scheduled to expire.1 Thereafter, deficits in CBO’s baseline are projected to range between 2.6 percent and 3.2 percent of GDP through 2020.

Those accumulating deficits will push total federal debt held by the public to significantly higher levels. In 2009, debt held by the public jumped from $5.8 trillion to $7.5 trillion. CBO projects that by the end of 2010, that figure will rise to $8.8 trillion—at 60 percent of GDP, the highest level since 1952. Under the assumptions of the baseline, federal debt is projected to continue its upward climb, reaching $15 trillion (67 percent of GDP) by the end of 2020. With such a large increase in debt, plus an expected rise in interest rates as the economic recovery strengthens, interest payments on the debt are likely to skyrocket. CBO projects that the government’s annual net interest spending will more than triple between 2010 and 2020 in nominal terms (from $207 billion a year to $723 billion) and will more than double as a share of GDP (from 1.4 percent to 3.2 percent)

Total Deficit or Surplus, 1970 to 2020
(Percentage of gross domestic product)



http://www.cbo.gov/ftpdocs/108xx/doc...Chapter1.shtml

So whats your solution to fix the economy that completely broke down during the "lost decade" (the worst in 70 years) and generate economic growth?

If you "stand for something"....how do you fix it or recover from that lost decade?

Do you stand for anything positive?

I mean something other than a "good outrage and removing Nazis from Congress"

Just wondering?