Hinson Liberty Tree » David Gergen http://www.hinsonlibertytree.com “The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants” –Thomas Jefferson Sun, 05 Feb 2012 19:54:04 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 Rising Economic Fears http://www.hinsonlibertytree.com/2010/05/14/rising-economic-fears/ http://www.hinsonlibertytree.com/2010/05/14/rising-economic-fears/#comments Fri, 14 May 2010 15:27:35 +0000 admin http://www.hinsonlibertytree.com/?p=165 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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