Debt taking nation over the cliff
Posted April 17, 2010on:
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Copied entirely from Cato Institute report. BB
The Budget’s Unsustainable Path
The budgetary recklessness that was a hallmark of the Bush presidency has gotten worse under President Obama. Like the previous administration, the Obama administration was fully aware when it took office that the country is facing an entitlement-driven budgetary crisis.
However, by ramming an unaffordable Medicare prescription drug program through Congress, the Bush administration chose to score short-term political points at the expense of the long-term economic health of the nation. Likewise, Obama’s health care plan increases the likelihood that future generations will be forced to confront a fiscal Armageddon.