Wednesday, May 9, 2012

Douglas Elmendorf of the CBO on the Budget

If you want to know all about the budget deficit and what choices we face, this video of Douglas Elmendorf, the Director of the Congressional Budget Office is a must. In a nutshell
Achieving a sustainable federal budget will require the United States to deviate from the policies of the past several decades in at least one of the following ways: raise federal revenues significantly above their average share of GDP, make major changes to the sorts of benefits provided for Americans when they become older, or substantially reduce the role of the rest of the federal government relative to the size of the economy.
Elmendorf is nonpartisan and extremely competent. In the video Anil Kashyap gives him a glowing introduction that is well-deserved.