Home » Opinion » Editorials
What now? Deal with the debt
The federal debt rose by $4.9 trillion during the two terms of President George W. Bush. It has already risen by more than $5 trillion under President Obama. At $16.2 trillion today, it is about 71 percent of gross domestic product. That cannot continue.
President Bush's excuses were war and Medicare. President Obama's excuses were the recession and the slow recovery. The time for excuses is over; the time to get the debt under control is now.
Two years ago the Congressional Budget Office warned that "growing budget deficits will cause debt to rise to unsupportable levels. Although deficits during or shortly after a recession generally hasten economic recovery, persistent deficits and continually mounting debt would have several negative economic consequences for the United States."
Among those negative consequences: As more money is sucked from the economy to finance the borrowing, economic growth would slow, and "rising debt would increasingly restrict the ability of policymakers to use fiscal policy to respond to unexpected challenges, such as economic downturns or international crises."
The warning was ignored. If such warnings continue to be ignored, we will be forced into another economic downturn by the sheer weight of our debt alone.
Let's get our spending under control so that doesn't happen.
READER COMMENTS: 0
- Page One Editorial: Control of NH’s future: Today’s House vote will be one for the ages - 17
- Consider Nevada: Gambling always expands - 9
- Missing the point: The IRS scandal and state power - 25
- Helping panhandlers: A method worth trying in Manchester - 7
- For the people: A century of the NH primary - 0
- What innovation? The casino way is the lazy way - 10
- Not so merry: Giving Robin Hood a bad name - 4
- Disengaged: Obama's lousy excuse - 15
- Underestimating NH: Gun control picks two wrong targets - 35
READER COMMENTS: 0
- Senate Finance Committee rejects Medicaid expansion - 1
- Man wielding pipe robs Cumberland Farms in Goffstown - 0
- Buchholz moves to 7-0 as Red Sox post win - 0
- Gambling bill scuttled, 'Now it is going to be really tough' for budget - 29
- NHIAA Roundup: BG girls’ tennis team sweeps Pinkerton - 0
- NHIAA box scores, summaries for May 22 - 0
- Officials say Goffstown High ‘safe’ after threat of violence - 1
- Manchester Community College graduates told ‘speak your minds’ - 0
- Portsmouth manhunt suspect turns himself in to police - 0
License revocations for DWI announced
Memorial Day events in New Hampshire
Consider Nevada: Gambling always expands