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Independent voices from the The Washington Times Communities
Topic - Kenneth Rogoff
Fiscal conservatives unwittingly sabotage themselves by invoking "the children" when explaining the dangers of America's ballooning national debt. They should spend lots more time discussing how federal red ink harms adults today.
He long has labored under the reputation as a cautious counterpuncher, a defensive specialist, so the 100th anniversary of the birth of Samuel Reshevsky, one of the greatest American players of all time, hasn't gotten the attention it should.
Global markets hit a pocket of turbulence Wednesday as a year-old European bailout for Greece appeared to be unraveling, with deep and unpopular budget cuts triggering protests in Athens and threatening to topple the Greek government in a chain of events that investors fear will end in a globally destabilizing default on the nation's debt obligations.
We are borrowing more than $5 billion per day. That's $35 billion per week to run our government, totaling more than $1.5 trillion in borrowed money just to run it this year.
President Obama's budget, released Monday, was conceived as a blueprint for future spending, but it also paints the bleakest picture yet of the current fiscal year, which is on track for a record federal deficit and will see the government's overall debt surpass the size of the total U.S. economy.
As a member of Congress, I know firsthand how dangerous it would be to give us the opportunity to "paper over" our complete lack of fiscal discipline, a practice also known as "quantitative easing."
Our public debt-to-GDP ratio is beyond the 90 percent level that economists Carmen Reinhart and Kenneth Rogoff say acts as a barrier to economic expansion.