Lieberman: The Real Economic Crisis
From the NDN Blog, Lieberman on the real economic crisis:
"In a major address yesterday, Senator Joe Lieberman eloquently summed up the economic challenges our nation faces:
We are creating a debt both perpetual and crushing that will leave today’s children and their children with enormous interest payments, unmet public needs and a weakened American economy and nation.
If you are worried about the recent oil price shocks to our economy, wait until the foreign debt shocks that will come if lending nations lose faith in the dollar because of our never-ending appetite for borrowed money.
He went on to cite the following alarming statistics:
According to estimates from former Reagan Administration economist Eugene Steuerle, by 2013, at current deficit spending rates, the federal government will have no discretionary funds available to pay for education, veteran’s hospitals, law enforcement, environmental protection and other essential functions after it has paid interest on the debt and met current national defense and entitlement commitments. And according to the U.S. Comptroller’s office, by 2040 all federal revenue will be needed to pay interest on the debt unless reforms are made.
Senator Lieberman's statements underscore the need to make this issue a major priority. If you haven't already, read NDN's recent economic memo and tell us what you think."