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June 2, 2011

K-12 Tax & Spending Climate: U.S. Has Binged. Soon It'll Be Time to Pay the Tab.

Gretchen Morgenson:

SAY this about all the bickering over the federal debt ceiling: at least people are talking openly about our nation's growing debt load. This $14.3 trillion issue is front and center -- exactly where it should be.

Into the fray comes a thoughtful new paper by Joseph E. Gagnon, a senior fellow at the Peterson Institute for International Economics, which studies economic policy. Written with Marc Hinterschweiger, a research analyst there, the report states plainly: "That government debt will grow to dangerous and unsustainable levels in most advanced and many emerging economies over the next 25 years -- if there are no changes in current tax rates or government benefit programs in retirement and health care -- is virtually beyond dispute."

The report then lays out a range of outcomes, some merely unsettling, others downright scary, that face us as a nation if we continue down the big-spending path we are on.

Posted by Jim Zellmer at June 2, 2011 2:53 AM
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