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….”

Tags: David Gergen, economic fears, Sunday Parade, Tax Foundation
Posted in Uncategorized | 1 Comment »