The Financial Times reports that a late 2002 U.S. Treasury study shows that we’re facing a minimum of a $44 trillion deficit, with a recommended remedy of an immediate 66% tax increase. The report was commissioned by then-Treasury Secretary Paul O’Neill. He was fired in December. The White House decided not to release the report.
It’s like our country is being run by an 18-year-old with his first credit card. We borrow a bunch of money from the future and declare that we’re rich. This is a dangerous game for Republicans: either they’re banking on no longer being in power when the bills come due (a la Governor Gilmore), or they’ll be left holding onto power…and left holding the bag.