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: 6
- Joseph W. McQuaid: Prizes & playoffs: Well done, UNH - 0
- Where’s Waldo? Just ask the NSA - 13
- Joseph W. McQuaid: Keeping public in the dark isn't helping find Abigail - 26
- The Peace Light: A Christmas reminder for all - 0
- Doing 'less with less' Is that Gov. Hassan's new motto? - 11
- Washington Jeanne: Will Shaheen face her state? - 44
- McWages: They're about value - 82
- Night lights: Francestown freaks out - 1
- Outrage du jour Garcia, Sullivan and victimhood - 31
- Exeter drug sweep nets four - 0
- UPDATE: Convicted sex offender turns himself in - 0
- UPDATE: 3 teens taken into custody for Laconia boys and girls club damage - 0
- Driver killed in head-on collision in Columbia - 0
- Exeter drug sweep nets four - 1
- UNH's logo: Hip ... for now - 0
- Hollis teen dies in crash on turnpike ramp - 0
- Woman suffers hip injury while fleeing Campton blaze - 0
- Bears sink Cowboys in frigid battle - 0
John DiStaso's Granite Status: Key NH Dems attend Lantos Foundation event honoring Clinton, White House partiesREADER COMMENTS: 0
Exeter drug sweep nets four
Hollis teen dies in crash on turnpike ramp
Wreaths Across America get big send-off
Where’s Waldo? Just ask the NSA
New UNH logo draws mixed reactions
Bird blenders: 'Green energy' sacrifice