Any particular reason you don't believe it? It was balanced before the GFC and was only unbalanced by stimulus spending, which is being phased out. We don't have the 'unfunded liabilities' of the US. It will take a little longer than it was supposed to, sure, but that's because we've had natural disasters this year that have caused almost as much damage as the GFC. Our budget deficit is only 6% of GDP and our public debt is only 22% of GDP. We have strong economic growth. The only reason I can think anyone would think we won't have a balanced budget and be able to pay off the debt inside of 10 years is they either a) think the whole world economic system is stuffed or b) some partisan political game of durr hurr labor can't manage the economy.
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Date: 6/3/11 03:41 (UTC)