Tuesday
Feb162010
Federal Debt Will Eventually Lower American Standard Of Living, Says New Report By Budget Reform Commission
Tuesday, February 16, 2010 at 4:24PM
By Antonia Aguilar - University of New Mexico/Talk Radio News Service
A new report by the Peterson-Pew Commission on Budget Reform finds that the U.S. could suffer major economic setbacks if the growth of the U.S. debt is not stalled.
“An ever-growing debt would likely hurt the American standard of living by fueling inflation, forcing up interest rates, dampening wages, slowing economic growth and job creation, and shrinking the government’s ability to cut taxes, invest, or provide a safety net,” the report states.
The report was discussed during a forum Tuesday with the Commission and the New America foundation.
Suggested solutions submitted by the Peterson-Pew Commission include a establishing commitment by Congress and the White House toward the development of new financial policies and a detailed fiscal plan to stabilize the debt by 2018 by reducing it over the longer term.
A new report by the Peterson-Pew Commission on Budget Reform finds that the U.S. could suffer major economic setbacks if the growth of the U.S. debt is not stalled.
“An ever-growing debt would likely hurt the American standard of living by fueling inflation, forcing up interest rates, dampening wages, slowing economic growth and job creation, and shrinking the government’s ability to cut taxes, invest, or provide a safety net,” the report states.
The report was discussed during a forum Tuesday with the Commission and the New America foundation.
Suggested solutions submitted by the Peterson-Pew Commission include a establishing commitment by Congress and the White House toward the development of new financial policies and a detailed fiscal plan to stabilize the debt by 2018 by reducing it over the longer term.
Reader Comments (1)
Predatory Lending is a major contributor to the economic turmoil we are currently experiencing.
Here is an example of what I am talking about:
Scott Veerkamp / Predatory Lending (Franklin Township School Board Member.)
Please review this information from U.S. Senator Jeff Merkley regarding deceptive lending practices:
"Steering payments were made to brokers who enticed unsuspecting homeowners into deceptive and expensive mortgages. These secret bonus payments, often called Yield Spread Premiums, turned home mortgages into a SCAM."
The Center for Responsible Lending says YSP "steals equity from struggling families."
1. Scott collected nearly $10,000 on two separate mortgages using YSP and junk fees. 2. This is an average of $5,000 per loan. 3. The median value of the properties was $135,000. 4. Clearly, this type of lending represents a major ripoff for consumers.
http://merkley.senate.gov/newsroom/press/release/?id=A09C6A80-537A-4EB1-83C5-31925F046B6F