The Fed chairman, Ben S. Bernanke, said in remarks prepared for delivery before the Senate Budget Committee that the worst case “would not only contribute to further deterioration in the fiscal situation, but would also imply lower output, employment and incomes for an extended period.”
His testimony projected that the consequence might well be an increase in public debt to the equivalent of 60 percent of economic output, compared with 40 percent before the economic crisis began — and reminiscent of the levels after the gigantic borrowing of World War II. what are we to do about this? it feels like the gov't messed up so much in the past that its hard to recover. i love what our president is doing but i think he has to many ppl in the house holding him back.
His testimony projected that the consequence might well be an increase in public debt to the equivalent of 60 percent of economic output, compared with 40 percent before the economic crisis began — and reminiscent of the levels after the gigantic borrowing of World War II. what are we to do about this? it feels like the gov't messed up so much in the past that its hard to recover. i love what our president is doing but i think he has to many ppl in the house holding him back.
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