Saturday, September 16, 2006
Them Republicans is always good for the economy
Or so they would have you believe. The latest update from the GAO says otherwise. According to the summary we are headed towards deep, deep fiscal doo-doo.
Remember in November.
Although this year's deficit outlook has improved, the long-term continues to be unsustainable. GAO's current long-term simulations continue to show ever-larger deficits resulting in a federal debt burden that ultimately spirals out of control. The timing of deficits and the resulting debt build up varies depending on the assumptions used, but under either optimistic ("Baseline extended") or more realistic assumptions, current fiscal policy is unsustainable. Simulations are not forecasts or predictions. They are designed to ask the question "what if?" GAO's "what ifs" are that discretionary spending may grow faster or slower, and tax cuts may be renewed or allowed to expire--but in both cases, the Nation's long-term fiscal future is "at risk." Under any reasonable set of expectations about future spending and revenues, the risks posed to the Nation's future financial condition are too high to be acceptable.Six years of absolute Republican control and all we get is this lousy report.
Remember in November.
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