"In short, this document gives voters no reason to believe that Democrats have a viable plan for — or even a responsible public assessment of — the country’s long-term fiscal predicament."
Somebody must have realigned the planets. That's the only explanation I can fathom for the harsh criticism the editors of the Washington Post unloaded on the Senate Democrats newly released budget. The first budget Harry Reid & Co. has even bothered to introduce in four years, in case anyone is still keeping score.
The WaPo editors took some jabs at the House GOP's budget, as expected. But, the dissing of the Dems is nearly unprecedented.
The editors establish the foundation for their criticisms by citing a Feb. 28 analysis by William Gale and Alan Auerbach of the left-leaning Brookings Institute, as follows:
There has been halting but real deficit reduction progress in recent months. The United States faces no imminent budget “crisis.” Nevertheless, the economists write, “the 10-year budget outlook remains tenuous.” Even assuming steady economic growth, the national debt in 2023 will be twice as high as its historical average, as a percentage of the economy — and poised to resume rising. That long-term fiscal problem, driven by the growth of entitlement programs for an aging population, remains unaddressed. Dealing with it, Messrs. Gale and Auerbach write, will take tax and spending changes “several times the size of those adopted under the recent legislation.”
NEW TIME Today, at 9:30 AM PT: Get the Market Movements in Advance: William's Edge Webinar for January 30th, 2014 | John Ransom
NEW TIME Today, at 9:30 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for January 26th, 2014 | John Ransom