Gene Healy on the Looming Fiscal Tsunami

d203budget credit 401k 2013 foter 600x400 Gene Healy on the Looming Fiscal Tsunami

It’s hard to hear yourself think over all the
caterwauling on Capitol Hill about the looming sequestration
“crisis.” For opponents of the spending cuts—at $85 billion, 2.3
percent of the $3.6 trillion federal budget—the rallying cry is
half Lord Keynes, half St. Augustine: “Grant me chastity and
continence—but not yet.”
But as Gene Healy explains, the time for a little fiscal
continence has long since arrived. Economists have found that when
a country’s debt-to-GDP ratio surpasses 90 percent, you see slower
economic growth; we’re currently above 100 percent. View this article.

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Gene Healy on the Looming Fiscal Tsunami

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