Dont be fooled by this report talking about 3.9 trillion in deficit reductions over the next 10 years.
These are DEFICIT reductions, not Debt reductions.
Currently the Debt is about 14 trillion and the congressional budget office ( CBO ) is forecasting 1 trillion deficit per year for the next 10 years which would bring us to 24 trillion dollars debt in 10 years.
This Panel has simply offered ways to reduce the deficits by 3.9 trillion over the next 10 years, not the debt. So even if everything they propose was acted upon, we would be at 20.1 trillion debt in 10 years.
Either way, we are fked.
The politicians are hoping that people think this report means we will lower the debt 3.9 trillion over 10 years thus bringing the debt down to 10 trillion, when in fact there is no plan to lower our debt. The only plan that exists is to try and lower yearly deficits from currently 1 trillion + per year to about $650,000,000,000 per year. Wow what a great plan.
These are DEFICIT reductions, not Debt reductions.
Currently the Debt is about 14 trillion and the congressional budget office ( CBO ) is forecasting 1 trillion deficit per year for the next 10 years which would bring us to 24 trillion dollars debt in 10 years.
This Panel has simply offered ways to reduce the deficits by 3.9 trillion over the next 10 years, not the debt. So even if everything they propose was acted upon, we would be at 20.1 trillion debt in 10 years.
Either way, we are fked.
The politicians are hoping that people think this report means we will lower the debt 3.9 trillion over 10 years thus bringing the debt down to 10 trillion, when in fact there is no plan to lower our debt. The only plan that exists is to try and lower yearly deficits from currently 1 trillion + per year to about $650,000,000,000 per year. Wow what a great plan.