by Julie Tisdale
City & County Policy Analyst
There’s a frightening piece in the Washington Post today about the president’s plan for debt reduction. And what’s so scary is that it’s really not about reduction at all, at least not over the long term. The CBO says that the president’s plan would reduce debt to somewhere around 75% of GDP for the next ten years, which is, I suppose, something. But after that, the debt would start increasing again. And increasing, and increasing, and increasing – to 300% of GDP in the 2070s.
So the Washington Post reports that Obama thinks he’s pretty much done, but this seems a long way from a solution to me.