By Rob Sanna- Talk Radio News
Peter Orszag made his last public address as Director of the Office of Management and Budget Wednesday and lauded policies that have helped the economy begin to recover. However, he believes that the economy is far from fixed.
“We are back from the brink, but not out of the woods,” Orszag said. “The most pressing danger we now face is unacceptably weak growth and persistent unemployment, rather than outright economic collapse, more needs to be done.”
According to Orszag, the deficit is predicted to drop from of 9.2% of GDP to 5% GDP by 2015, which is the fastest deficit reduction since the end of World War II.
Orszag touted the Health Care Act and said it will drive down health care costs which will help the status of a the country’s struggling economy. In addition to lowering health care costs, the OMB Director says government spending is being reduced through cutting outdated or inefficient programs.
Orszag said that critiques against a rising defit are ill informed. Orszag argued that radically reducing the deficit would hinder the progress of an already weakened economy and job market.
“It would be foolish to dramatically reduce the deficit immediately because that would choke off the economic recovery before it had a chance to develop adequately, but it would be equally foolish not to reduce the deficit significantly by 2015, because it would seriously imperil economic growth at that point”