david elosser said:
Is the new budget deal raising the debt ceiling good or bad? Both good and bad? Any opinions? Our government now owes more than our entire GDP (give or take a few cents for a few days). Anyone worried about that? The Bush tax cuts are still set to expire. No Problems? Some say Obama came out the political winner but the polls say otherwise. So who wins, who looses politically speaking?
David E
Dud,
We can't cut spending and can't raise revenue so in a nutshell
"We are raising 14 percent of GDP in taxes, the lowest since 1948. The Republican position that taxes aren't part of this solution, raising taxes is just nonsensical and can't be defended."
"The Democrats say Social Security isn't part of the problem. Well, this year Social Security will be fifty billion short, in terms of revenue coming in from payroll tax versus what's going out, and it will get worse every year, and it's the biggest single program"
From David Stockton, Ronald Reagans budget director, link to the article is here
http://www.npr.org/2011/07/30/138849221/debt-crisis-was-long-in-coming-ex-reagan-aide-says