“There is little question that U.S. public finances are on an unsustainable trajectory. In scoring the Obama administration’s 2009 budget, the non-partisan Congressional Budget Office projected that government debt is set to increase at its fastest pace in peacetime history. Indeed, the CBO projected that on present policies the net U.S. government debt would approximately double from 42% of gross domestic product in 2008 to 83% by 2019. It also projected that the U.S. budget deficit would remain at between 4% and 6% of GDP even after the economy had fully recovered.”
What’s the definition of peacetime? Do the $684 billion for Iraq and $223 billion for Afghanistan in the last 8 years not mean enough? [PDF source]
