The Congressional Budget Office is predicting the government will accumulate another $855 billion in deficits over the next decade, excluding the costs of President Bush's Social Security plan and ongoing wars in Iraq and Afghanistan.
The report, described by a congressional aide who spoke on condition of anonymity, was being released today, the same day administration officials were expected to describe Bush's new request for $80 billion to pay for military operations in Iraq and Afghanistan this year.
This is becoming a National Security issue. We risk putting our country at the mercy of creditor nations, who are not exactly friendly to us (China). Countries that once might have helped support the dollar are turning away from us, as our ill-advised cowboy-hat foreign policy has made them support their own currency, and watch our decline with what might be best termed bemusement.
Once again, it's being proved that it was never "the adults in charge", rather a bunch of teenagers driving mommy's SUV and using their first credit-card with no thought of ever having to pay it off.
posted by Jo Fish on 01.25.05 at 11:35 AM
Comments:
Bad as that sounds, I'd bet the actual number will be at least twice that.
posted by: HankP on 01.25.05 at 09:10 PM [permalink]
