Wednesday, July 13, 2011

Debt Ceiling Scaremongering

We have posted on this topic a while ago, here and here.

The Democrats need to be called out on this (from James Pethokoukis) ... This cash flow diagram illustrates the disingenuous scaremongering strategy the Democrats have decided to go with.

"As is clearly shown, there is enough cumulative money coming to pay interest, SS, Medicare and defense ... "

While the short-term scenario is less dire than the Democrats claim, the situation is indeed unsustainable over the long term, as government spending is currently 1.6 times income.

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