Econ Comments & Analysis
Washington Times | Surprise among the spendthrift nations
The good news is that there are more countries managing their economies in a fiscally responsible way than there were two years ago. Fiscally responsible means keeping average annual deficits less than average annual economic-growth rates, keeping net debt from exceeding one-third of gross domestic product, and maintaining a relatively small government. The bad news is that most of the world’s biggest economies, including that of the United States, are getting deeper and deeper in debt as a result of excessive spending, and will ultimately have to pay the price.
FOX Business | Lew: Irrevocable' Consequences to Waiting on Debt Ceiling
U.S. Treasury Secretary Jack Lew warned Congress on Tuesday that waiting until the last minute to raise the nation's limit on borrowing could lead to irrevocable damage to the economy.
CBO | The 2013 Long-Term Budget Outlook
Between 2009 and 2012, the federal government recorded the largest budget deficits relative to the size of the economy since 1946, causing federal debt to soar. Federal debt held by the public is now about 73 percent of the economy’s annual output, or gross domestic product (GDP).
