Economists fear mounting debt
‘America’s decadent ways and its desire to party like it’s 1999 _ literally _ has generated a skyrocketing national debt that many economists fear will burden the nation’s balance sheet in the near future.
After achieving a balanced budget in the latter years of the Clinton administration, the United States has seen the red ink steadily increase as President Bush has waged war in Iraq while simultaneously cutting taxes. Robert Bixby, executive director of the Concord Coalition, which promotes a balanced budget, called the deficit “a serious problem needing serious attention.”
“It’s not going to go away on its own,” Bixby said. “Even assuming strong economic growth, today’s numbers show deficits persisting for as far as the eye can see.”
The numbers are staggering. The 2004 fiscal year ended on Sept. 30 with a $413 billion deficit _ the largest in the nation’s history and almost $40 billion higher than it ran in 2003. Over the next 10 years, the accumulated shortfall is projected to reach $2.3 trillion _ as long as the economy remains relatively healthy, appropriations growth slows and the tax cuts championed by Bush during his first term are allowed to expire.’
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