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EconoMeter: Panelists split on Obama deficit plan


Sunday, February 20, 2011

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Kelly Cunningham, National University System
No: Not by a long shot. Reducing projected spending increases are entirely inadequate to the problems facing the budget and (this) does not begin to address the bloated underlying problem of overspending. The federal government continues to far outspend what it brings in, piling on ever more debt, while interest on the debt consumes an ever greater portion of the budget. Deficit reduction projections put forward are also largely based on “fantasy” economics entirely ignoring certain interest rate hikes and surging entitlement costs. Government must do what every household in America has had to do, spend less than they bring in.