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Old 01-28-2013, 11:41 AM   #1
TonyR
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Join Date: Apr 2008
Location: Mid-Atlantic
Posts: 19,604
Default Govt spending isn't out of control?

Quote:
...our long-term deficit situation is not nearly as severe as even many budget experts believe...
So says Bruce Bartlett.

Quote:
[I]t is silly to obsess about near-term nominal budget deficits. What matters is the deficit as a share of GDP minus interest spending, which economists call the primary deficit. On that basis, we are much closer to fiscal sustainability than even most economists realize.

Relatively small adjustments to the growth path of federal revenues and Medicare would be sufficient to eliminate the primary deficit. Taking a meat ax to every federal program, as Republicans demand, is neither necessary nor desirable.
http://www.thefiscaltimes.com/Column...rol.aspx#page1

This guy agrees:

Quote:
What Bruce shows -- convincingly -- is that, contrary to those that say federal "spending" is the long-term problem, the real problem is spending in just one area -- interest payments on the national debt. Spending on virtually every other area of the budget is flat over the long term while interest starts to rise precipitously in 2020 and keeps rising over the next 60 years.
http://capitalgainsandgames.com/blog...+in+Between%29

As does this guy: http://www.ft.com/intl/cms/s/0/dd2d8...#axzz2JHyw1jOn

Interesting...
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