Sunday, August 23, 2009

Economic Principles: Buffett on the Deficit

Buffett on the effects of the government deficit.

An excellent read for anyone interested in policy or government.

A point he doesn't talk about is that Social Security and Medicare are implied debt, as well. If the CBO budget estimates are right (and under Elmendorf, the CBO has been about as independent and intelligent as I can remember a government agency in a long time), our actual debt in 10 years will be the equivalent of 300 percent of GDP, which is up there with the worst of the Latin American countries.

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