The Washington Monthly

May 29, 2003

REPUBLICAN DEBT....Let's see, the current level of U.S. debt is right around $6 trillion. But according to a Treasury report from last year, it's likely to get just a wee bit higher:

The Bush administration has shelved a report commissioned by the US Treasury that shows America faces a future of chronic federal budget deficits totalling at least $44,200bn (£27,000bn) in current US dollars.

The study, the most comprehensive assessment of how the US government is threatened with being overwhelmed by the future healthcare and retirement costs of the "baby boomer" generation, was commissioned by Paul O'Neill, then Treasury secretary.

$44 trillion, eh? I guess that might explain why Paul O'Neill is out of a job, even if the report was just a "thought-piece to stimulate discussion."

Of course, this report comes from the alarmist and notoriously leftist Financial Times, so there's probably nothing to it. Go about your business.

UPDATE: Just for the record, yes, that was a joke about the Financial Times.

—Kevin Drum 9:25 AM Permalink | Trackbacks

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