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Heard This One Before?

12:34 PM, Jul 16, 2014 • By GEOFFREY NORMAN
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We have been paying attention to other things so it probably slipped out minds.  But as Bernie Becker of the The Hill reports, the defect hasn’t gone away (gone down, some, but not away) and:

Washington’s failure to contain entitlement spending is biting into the nation’s long-term fiscal outlook, the Congressional Budget Office warned in a Tuesday report that found the nation’s debt would jump to 106 percent of gross domestic product (GDP) in 2039. The CBO said the rising costs of entitlement programs like Medicare and Social Security as the U.S. population continues to age are the drivers of U.S. debt.

Deficits would remain relatively restrained, between 2.5 percent and 3 percent of GDP, between 2015 and 2018, the office added. But after that, the CBO says that deficits would jump to a level ...l that some economists fear could spark another fiscal crisis.

This is “unsustainable,” a word we haven’t heard for a while.  It may have lost its force, but not its meaning.

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