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
- Taken for a ride: Hooksett’s Pinkerton deal - 4
- Bedford’s road bond: A good deal for a big fix - 1
- Legislative ethics: NH way works better than most - 0
- Blue shame: Obamacare's big change - 18
- Obamacare's new trick: Only temporary relief - 21
- Banning cell phones: Impulse shopping in the House - 10
- Bad Joe: Levasseur stalls again - 2
- Good Joe: Kenney for Executive Council - 1
- Insurance exchange: NH Dems, GOP switch sides - 2
READER COMMENTS: 0
- Manchester police recover $2,000 worth of painkillers in drug arrest - 0
- 600 votes cast in Hudson by midday - 0
- Man dies after officer-involved Rochester shooting - 0
- Londonderry polls average 100 voters per hour - 0
- Faulty lamp caused Manchester blaze - 0
- Nashua school members' letter prompts an apology - 0
- UNH Law named a top 100 law school in magazine’s rankings - 0
- Musher Seavey wins Alaska's Iditarod dogsled race; woman with NH ties finishes second - 0
- UPDATE: Hudson police standoff ends; person in custody - 0
Taken for a ride: Hooksett’s Pinkerton deal
John DiStaso's Granite Status: Shaheen among speakers at Senate Dems' climate change 'talkathon'
Manchester schools project budget surplus