The Director of the Congressional Budget Office felt it necessary to cut through the lies and misinformation in order to educate us citizens. Here is the post.
He discusses the long-term debt problem (as a percent of GDP) and the deficit problem (AKA excess costs).
People like me who read the Annual Report of the United States have known this for a long time, have written to elected officials for a long time, have supported candidates who have the right ideas for dealing with this problem correctly, and have been disappointed (for a long time) in the inability of the elected leaders to a) understand the problem or b) do something about it.
Just like state and local governments in today's economic crisis, the federal government needs to do some soul-searching on what the Constitution requires it to do and what additional that we can actually afford. It also needs to come to grips with what the Constitution says it should not do, which would unburden the budget a lot in short order. But that's a rant for another day.
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