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Politics : President Barack Obama
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To: Alighieri who wrote (104240)11/15/2011 6:58:23 PM
From: RetiredNow  Read Replies (1) of 149317
 
Hi Ali,
sorry. I'm having multi-threaded discussions, so losing track a bit. I have addressed growth in other posts. Basically, I believe in balanced budgets. However, I am the only one left in the country who believes in that. Therefore, I'll settle for reign in debt growth to less than the forecasted long term average growth rate of GDP. So about 1-2% deficits are sustainable. Anything more than that is too high.

So given that debt is around $15T, then about $150-300B in deficits per year would be acceptable to me. Given that our current deficit is running at about $1.6T per year, we'd need to cut more than $1.3T per year, or $13T over the next 10 years to get within my target range.

Please note that the Debt Supercommittee is talking about combined revenue increases and spending cuts of $1.5T over the next 10 years, or $150B per year.

They are living in fantasy land. That's peanuts in comparison to what they need to actually do to get our fiscal house in order.
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