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CBO Reveals Magnitude of Reform Needed for Sustainable Fiscal Future
Posted By Stephen Keen On June 30, 2010 @ 1:00 pm In Economics | Comments Disabled
The Congressional Budget Office (CBO) released their annual Long-Term Budget Outlook  today, and the updated projections—which include the effects of Obamacare—paint a grim picture. If Obamacare really did bend the cost curve down, CBO shows little evidence of it in this report.
In fact, CBO openly admits  that “projections understate the severity of the long-term budget problem because they do not incorporate the significant negative effects that accumulating substantial amounts of additional federal debt would have on the economy.”
Here are a few highlights:
The nation is currently on an unsustainable path, and to avoid economic catastrophe significant reforms must be implemented. This report should alert us all to the magnitude of reductions in federal spending we must make to return the nation to sustainability.
Article printed from The Foundry: Conservative Policy News Blog from The Heritage Foundation: http://blog.heritage.org
URL to article: http://blog.heritage.org/2010/06/30/cbo-reveals-magnitude-of-reform-needed-for-sustainable-fiscal-future/
URLs in this post:
 Image: http://www.foundry.org/wp-content/uploads/money_stacks0902114.jpg
 their annual Long-Term Budget Outlook: http://www.cbo.gov/ftpdocs/115xx/doc11579/06-30-LTBO.pdf
 CBO openly admits: http://cboblog.cbo.gov/?p=1112
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