Political Quotes

“Madam President, I recommend to my colleagues a February 11 Wall Street Journal column by Stanford economist Michael Boskin, entitled, ``When Deficits Become Dangerous.'' Boskin's premise is that the new taxes and ``enormous deficits and endless accumulation of debt'' in President Obama's budget will create a ripple effect of problems through our economy. He explains that the debt will eventually force additional growth- smothering taxes: ``Such vast debt implies immense future tax increases. . . . It's hard to imagine a worse detriment to economic growth.'' Boskin also notes that ``so worrisome is this debt outlook that Moody's warns of a downgrade on U.S. Treasury bonds, and major global finance powers talk of ending the dollar's reign as the global reserve currency.'' He describes President Obama's budget as ``the most risky fiscal strategy in history.'' I ask unanimous consent that this article be printed in the Record, and urge my colleagues to consider the facts and arguments it contains. There being no objection, the material was ordered to be printed in the Record, as follows: When Deficits Become Dangerous--Debt-to-GDP Ratios Over 90 Percent Have Significant Impact on the Pace of Economic Growth (By Michael J. Boskin, Feb. 11, 2010) President Barack Obama's 2011 budget lays out a stunningly expensive big-government spending agenda, mostly to be paid for years down the road. He proposes to increase capital gains, dividend, payroll, income and energy taxes.…”