The Turtle

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In political news:

Is Bernanke Nudging Obama on Deficits?

The take home message: (from article)

"Although there was no explicit criticism of the Obama Administration in his prepared testimony, he suggested that deficit reduction needed to go well beyond announced plans. He repeated the projected deficits for fiscal 2009 ($1.8 trillion), 2010 ($1.3 trillion) and 2011 ($900 billion). The ratio of federal debt to GDP (gross domestic product) would go from about 40 percent in 2008 to 70 percent in 2011, the "highest level since the early 1950s." Interestingly, he used the Congressional Budget Office's projections and not the Administration's slightly more optimistic estimates. "With the ratio of debt to GDP already elevated, we will not be able to continue borrowing indefinitely to meet these demands," he said. The implication was that Congress and the White House needed to balance the budget and not merely reduce budget deficits, as the Obama projections indicate."