U.S. Budget “About to Go Off a Cliff," Cal Prof Says
If we haven't already gone off the cliff, see chart, then it's probably best not to ask what if he's right.
The budget deficit is skyrocketing
Raise taxes or cut spending? Washington must take action on both fronts to curb U.S. debt or run the risk of a dollar crisis, according to a report by the Committee on the Fiscal Future of the United States, a panel of bipartisan experts.
1. Raise Taxes
2. Cut Spending
3. Devaluation
The first two choices are hard. The last one is easy. Political will is like electricity, it always seeks the path of least resistance.
Source: finance.yahoo.com
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