Monday, May 3, 2010
"Sustained, growing long-term deficits will increase our reliance on creditors from abroad, reduce investment in our labs, factories and businesses, and weaken confidence in the federal government's creditworthiness."
Translation: The federal government is spending borrowed money like a bunch of drunken sailors, steadily destroying the country's economic engine, and increasing our indebtedness to the Chinese.
"Under current policies, our projected deficits amount to about 5 percent of GDP in the second half of this decade, much higher than would be prudent or sustainable."
Translation: Unless the federal government stops spending borrowed money like a bunch of drunken sailors - soon - the country will be in deep sh#@!
Unfortunately, there is no sentiment at the White House to listen to Mr. Orzag. It is too difficult, you see, to buy the votes the Democrats need to retain power on a fiscally responsible government.
"Simply put," Orszag said, "it may be easier to ignore long-term problems, but we will pay a severe price if we do so . . ." (Emphasis added. Link here.)