I've got a chart here that shows our debt-to-GDP ratio. And while we did run deficits in the past, we now number our debt in trillions rather than in billions. And I think that represents a long-term danger, especially to the, the American dream. ↗
Christmas is a time when kids tell Santa what they want and adults pay for it. Deficits are when adults tell the government what they want - and their kids pay for it. ↗
Christmas is the time when kids tell Santa what they want and adults pay for it. Deficits are when adults tell government what they want and their kids pay for it. ↗
For the last 4 years, our Federal Government has produced the four biggest deficits in history, and the estimated 2006 deficit of $423 billion is projected to be the largest of all. ↗
Unfortunately the Republican tax cut will deny important revenues to many states facing their own deficits. This will create greater pressure for higher state and local taxes. ↗
I think it's absolutely clear that the fiscal path we are on is not sustainable, and for me, the best analogy is these deficits are like a cancer, and over time they will destroy the country from within. ↗
For one thing, one of the wonderful things that we now have is instead of the huge budget surpluses that President Clinton left us with, we now have these huge deficits that we're going to be facing into the future. ↗
But if they want to really think about the fiscal future of this country, then think about how we have moved from hundreds of billions of surpluses to hundreds of billions of deficits. ↗