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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: TrueScouse who wrote (11097)4/1/2004 11:04:52 AM
From: ild  Read Replies (3) of 110194
 
WASHINGTON (Dow Jones)--Goldman Sachs Economist Bill Dudley said the U.S. budget outlook has deteriorated sharply in recent years to the point where chronic deficits appear inevitable unless priorities change.

"Although some narrowing is likely from the $500 billion shortfall we estimate for fiscal 2004, it is apt to be modest and short lived," Dudley said in a new report. "Over the next 10 fiscal years, we expect to deficit to cumulate to $5.5 trillion, averaging about 3.5%" of gross domestic product.

"After that," he went on, "the outlook gets even worse for two reasons. First, the cost of making the Bush Administration's tax cuts permanent rises over time. Second, outlays for Social Security and Medicare will surge as the baby-boom generation retires."

Dudley said chronic deficits pose a threat to U.S. economic performance. "All else equal, they reduce national saving, crowding out private investment and raising interest rates in the process," he said.
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