Academic

WHY THEY?D RATHER TALK ABOUT SARAH PALIN (CONT?D): CBO: Social Security to begin running permanent ?

By Glenn Reynolds

WHY THEY’D RATHER TALK ABOUT SARAH PALIN (CONT’D): CBO: Social Security to begin running permanent deficits this year, not 2016. “This isn?t the only horrible news in the report by a longshot, either. CBO?s projected deficit for this year is a cool $1.5 trillion or 9.8 percent of GDP, which is just two-tenths of one percent less than last year?s all-time budget-buster. And there?s not much revenue relief coming from new jobs: CBO expects that unemployment will remain above eight percent through 2012 and won?t get back to a historic norm of 5-6 percent or so until 2016. This ship has already started to sink, in other words, and yet Captain Hope chose to use his annual megaphone last night to talk about stuff like high-speed rail.”

Full post as published by Instapundit.com on January 26, 2011 (boomark / email).