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Tuesday, March 26, 2013

Johnston: Leaving a Big Nickel on the Table

Tax Analysts David Cay Johnston (Syracuse), Leaving a Big Nickel on the Table, 138 Tax Notes 1495 (Mar. 25, 2013):

David Cay Johnston writes that according to the Congressional Budget Office, the U.S. economy is growing at less than 95 percent of its potential, and he argues that the country is losing much more tax revenue as a result.

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"There is no immediate debt crisis."

The "official" national debt is $16.6T; unofficial unfunded liabilities are trillions more. Feds are borrowing 40% of every dollar spent. Billions upon billions of government spending, e.g., green energy and high-speed rail, are not sound investments; they're money down a giant rathole.

So I'd request Dr. Johnston explain when we'll know we have an immediate debt crisis.

Posted by: Elmer Stoup | Mar 27, 2013 8:08:14 AM