Posts Tagged ‘David Gergen’
Rising Economic Fears
Friday, May 14th, 2010
David “Rodham” Gergen, advisor to 3 Republican administrations before becoming advisor to President Clinton, offered some warnings in the Sunday Parade a couple of weeks ago. His statistics include:
Total spending at federal, state & local gov’t levels: 1950- 24% of GDP; 2008- 35% of GDP; 2010- probably 44% of GDP
According to the Tax Foundation: 60% of Americans receive more in gov’t benefits than they pay into the gov’t through taxes; Obamacare and other new programs will increase the number to 70%
“The European Union has agreed it is dangerous for a country’s public debt to exceed 60% of GDP; the CBO reports US public Debt could reach 60% of GDP in 2010; continuing its present course, public debt level for the US will reach 100% of GDP by 2020″
Gergen closes, “Personally, I find these trends troubling. If they continue, we will diminish both the vitality and prosperity of the nation. Government should be compassionate and yet lean….”
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