Deaf to Deficit Warnings | Richard W. Rahn | Cato Institute: Commentary

Deaf to Deficit Warnings | Richard W. Rahn | Cato Institute: Commentary: "Private forecasters already are estimating that the ratio of government debt to gross domestic product (GDP) will be greater than 100 percent of GDP before the end of this decade (up from just 37 percent three years ago). If the health care reform bill and the energy (cap-and-trade) bill are passed, the situation will be much worse."

"This past week, the White House claimed that the stimulus bill 'saved 2 million jobs,' but just before the stimulus bill was passed, the administration said the unemployment rate would peak at 8 percent with the stimulus bill and 9 percent without it. Now, we have both the stimulus bill and an unemployment rate of more than 10 percent, which shows that the White House is developmentally challenged when it comes to basic arithmetic."

"The only way government can create more jobs is by having workers who produce more and at a lower cost than the private sector. "