America: Still Doomed

Weigel
Reporting on Politics and Policy.
June 22 2011 2:19 PM

America: Still Doomed

The Federal Reserve's Federal Open Market Committee weighs in :

David Weigel David Weigel

David Weigel is a reporter for Bloomberg Politics

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So: Things are worse than we expected. What to conclude?

We need a word for this. It's not optimism. Fauxptimism? No, that's clumsy. The point is that the Fed is less optimistic about growth and its response at present is to do what it's been doing.

The CBO, meanwhile :

The national debt will exceed the size of the entire U.S. economy by 2021 — and balloon to 200 percent of GDP within 25 years — without dramatic cuts to federal health and retirement programs or steep tax increases, congressional budget analysts said Wednesday.

Exactly what we knew, although as Mitch McConnell reminds us, tax increases are not on the table.

 

David Weigel is a reporter for Bloomberg Politics

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