The CBO report also clearly shows that America has a spending problem, not a revenue problem.
The Congressional Budget Office just came out with its mid-year update to its long-term budget forecast. Lots of terrifying stuff in there. But if I was only going to pull out one bit, it would be this chart showing the likely path of America’s debt-to-GDP ratio between now and 2035 assuming a) likely fiscal policies and b) massive debt would actually impact economic growth. It’s not a pretty picture:
When the country engaging in mercantilist-protectionist policies is also your banker, I guess you tend to look the other way. My fellow CNBC contributor Peter Navarro makes the devastating case:
My pal Russell Roberts of George Mason University speaks Economic Truth to Political Power as he dismantles Obama’s weird comments that ATM machines and automation kill jobs (via the Wall Street Journal):