The government needs to take action to correct the unsustainable debt load.
http://www.economicpolicyjournal.com...states-is.htmlThe only real question is whether these adjustments will take place through a careful and deliberative process that weighs priorities and gives people plenty of time to adjust to changes in government programs or tax policies, or whether the needed fiscal adjustments will be a rapid and painful response to a looming or actual fiscal crisis. -Bernanke
This should give them some motivation.
http://federalreserve.gov/newsevents...e20101004a.htmFinally, a large federal debt decreases the flexibility of policymakers to temporarily increase spending as needed to address future emergencies, such as recessions, wars, or natural disasters. -Bernanke
Bernanke discussed social security and health care, but not military and DHS spending.
He said that "pay as you go" budget spending is not conservative enough because the deficit must come down. It is does not take into consideration recessions.
"If something cannot go on forever, it will stop." -Herb Stein
It is predicted by other economist that there will be more money printing, more taxes, and more service cuts.
Even with all the money printing, the predicted runaway inflation has not come yet.
http://www.telegraph.co.uk/finance/c...forecasts.htmla growing number of officials at the Federal Reserve that it should risk another bout of quantitative easing - printing money to inject into the economy.
It is yet to be seen whether or not the Bush tax cuts with be extended. The healthcare tax is predicted to be around 4%. They still want more climate change taxes on top of this.
http://www.investorsinsight.com/blog...s-history.aspxLargest Tax Increase in US History
There has been talk of a "war surtax" for the wealthy neocons that like war so much.
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