Tuesday, January 27, 2009

What the Future Holds

In this quarter's The Regional Economist, a St. Louis Fed publication: "Deficits, Debt, and Looming Disaster: Reforming Entitlement Programs May Be the Only Hope" by Michael Pakko.

If you don't want to read the whole thing, mostly about how deficits aren't alarming in and of themselves, scroll down to the last paragraph- "A Demographic Timebomb." Then scroll down to the last graph, I've posted it on here before, it's a graph of gov't debt as a percentage of GDP:

When non-partisan economists start throwing the words "dire" and "serious" and "critical" and "time bomb," you'd think politicians would pay attention. But, so far, almost no one is. Obama says he intends to reform entitlements, nothing detailed has even been mentioned yet.

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