June 20, 2010

The Economy Cannot Support U.S. Government Spending.

Hansen's weekly analysis of the economy is glum indeed. Our Congress recently has shown no discipline to manage the enormous debt and increasing deficits. Hansen's is one more thoughtful basis why we need a different Congress. Spendthrift governance deserves a November change. The question remains whether Americans have the will to vote for it. The anti-incumbency movement is encouraging particularly with increasing sentiment against the massive debt and spending.

Look at Hansen's first graph which shows that entitlement spending alone practically equals the expected annual revenue. We simply have lived beyond our means, yet there are many in Congress who would increase taxes rather than reduce spending, which is always difficult but now essential. Those should not be re-elected.
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