If the U.S. budget was yours or mine, we’d have been bankrupt long ago. Now comes a warning about federal debt no one should ignore. Rep. Paul Ryan (R-WI) told the American Enterprise Institute the following. If there is anyone left who believes we can continue this astronomical spending, borrowing, and printing, they’re living in a dream world. (emphasis is mine)
“We’re on a debt crisis path. We are on a path where the government goes from 20 percent of GDP, to 40 percent then 60 percent of GDP. We’re on a path where our debt goes from about 68 percent of GDP to 800 percent of GDP over the three-generation window,” Ryan said.
“I asked CBO to run the model going out and they told me that their computer simulation crashes in 2037 because CBO can’t conceive of any way in which the economy can continue past the year 2037 because of debt burdens,” said Ryan.
“So, we have to go out and give the country a choice,” he said. “We know the path the president’s put the country on. It’s a path that I fundamentally believe transforms this country into something it was never designed to be – into a cradle-to-grave social welfare state and economic stagnation.”
Hello?????
