We Can’t Afford to Push Off Entitlement Reform

By Ray Pinard | July 25, 2013

An interesting article by Sean Hackbarth

Earlier this week, the administration said it expected the federal budget deficit would fall to its lowest level in five years. Bloomberg reports:

In the budget review, the forecast for a deficit of $759 billion translates to 4.7 percent of the gross domestic product. That compares with a deficit estimate by the nonpartisan Congressional Budget Office on May 14 of $642 billion this year, or 4 percent of the economy, less than half the shortfall in fiscal 2009 when it was 10.1 percent of GDP.

In a blog post, Office of Management and Budget Director Sylvia Mathews Burwell wrote, “[U]nder the President’s Budget, deficits will be reduced to below 3 percent of GDP by 2017 and continue to fall to about 2 percent in 2023.”

Read more

Originally published July 2013. Reprinted by permission, freeenterprise.com, July 2013.
Copyright©2013, U.S. Chamber of Commerce.

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