Graphing Obama's Budget
Here is a post from Harvard professor Dr. Greg Mankiw about the president's budget from the CBO (Congressional Budget Office). As you can see, the CBO and the president disagree on where the line needs to be drawn as to what is too much spending. This comes as no surprise to anyone who follows Mankiw because he has written many posts against the healthcare bill and other bills that would increase spending. One thing to note about this graph is that it start's this year and moves in the future. So although the numbers are pretty accurate and the CBO would have a better idea than just about any other organization, this graph is only an prediction. As we have discussed in class, America is on the track to a rising GDP vs. Debt ratio. This is not necessarily a world-ending scenario but it is definitely something that the American people should be concerned about.