The Galston-McGuineas

Along with a large and increasing number of Americans, I care about the long-term deficit because I think that, left unchecked, it will constrict and distort our future economy and society. And I am far from alone in believing that President Obama’s FY2012 budget proposal mostly evades the problem. According to the Congressional Budget Office’s recently released analysis, his proposal wouldn’t reduce the annual deficit below 4 percent of GDP, and the debt held by the public would double from $10.4 trillion to $20.8 trillion, nearly 90 percent of our GDP.

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