November 16, 2011

The current situation is unsustainable. The budget deficit as a percent of GDP is greater than the nominal GDP growth rate, suggesting a rise in the debt to GDP ratio that could ultimately cripple the U.S. economy. In order to prevent a crash, we need to reduce the deficit to less than the current GDP growth rate or to increase the nominal GDP growth rate in excess of the current deficit, or a combination of both.

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