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
- Bishop Libasci declares Holy Family Academy a Catholic school - 0
- New Hampshire Religion News in Brief - 0
- Clergy to take Ash Wednesday to the streets today in Concord - 0
- Roman Catholic Bishop Libasci offers his message for Lent - 0
- ‘Son of God’ attracting the faithful and movie-lovers in NH - 0
- Seacoast churches offer program introducing Episcopal faith - 0
- New Hampshire Religion News Briefs - 0
- New Cardinal Gerald Lacroix thanks his mom and dad - 2
- NH family cheers newly installed Cardinal Lacroix - 1
READER COMMENTS: 0
- Manchester man who defrauded banks in mortgage foreclosure scheme gets 6 years - 0
- March storm brings accumulation mystery, maybe misery - 0
- Manchester’s Slebodnick stars in Cornell’s title win - 0
- NHIAA Girls’ Div. I final four offers intriguing matchups - 0
- Goffstown voters have lots to consider with schools - 0
- With snow budget depleted, Nashua dips into trust fund - 0
- Manchester CrimeWatch: Graffiti charge keeps teen’s bail from changing - 0
- Police union contract a top concern for Bedford voters - 0
- Proposed school budget creates stir in Allenstown - 0
Taken for a ride: Hooksett’s Pinkerton deal
Manchester schools project budget surplus
Dover man found not guilty of sex assault but convicted of drugging three women in Portsmouth