Have you seen the official White House version of what the New York Times headline writers call “A Responsible Budget”? My favorite bit is Chart 5-1 on page 58 of their 500-page appendix on “Analytical Perspectives.” This is entitled “Publicly Held Debt Under 2013 Budget Policy Projections.” It’s a straight lin e going straight up before disappearing off the top right-hand corner of the graph in the year 2084 and continuing northeast straight through your eye socket, out the back of your skull, and zooming up to rendezvous with Newt’s space colony on the moon circa 2100. Just to emphasize, this isn’t the doom-laden dystopian fancy of a right-wing apocalyptic loon like me; it’s the official Oval Office version of where America’s headed. In the New York Times–approved “responsible budget” there is no attempt even to pretend to bend the debt curve into something approaching reentry with reality.Continue reading the piece here and you'll see how Steyn connects the whole contraceptive kerfuffle with the looming debt crisis. Bottom line, the debt being built today can't possibly be paid off by the citizens of tomorrow because for one thing there will be fewer of them, at least within most of the Western countries.
As for us doom-mongers, at the House Budget Committee on Thursday, Chairman Paul Ryan produced another chart, this time from the Congressional Budget Office, with an even steeper straight line showing debt rising to 900 percent of GDP and rocketing off the graph circa 2075. America’s treasury secretary, Timmy Geithner the TurboTax Kid, thought the chart would have been even more hilarious if they’d run the numbers into the next millennium: “You could have taken it out to 3000 or to 4000” he chortled, to supportive titters from his aides. Has total societal collapse ever been such a non-stop laugh riot?
“Yeah, right.” replied Ryan. “We cut it off at the end of the century because the economy, according to the CBO, shuts down in 2027 on this path.”
Saturday, February 18, 2012
Mark Steyn hits 'em right between the eyes again in his piece on debt and demographics:
Posted by Rick Moore on 2/18/2012