Chris Dodd: “I think these other numbers on jobs and so forth are in direct relation to our fiscal policies. There is a correlation…”

“I think these other numbers on jobs and so forth are in direct relation to our fiscal policies. There is a correlation because of our inability--and I am posing a question to the Senator--or unwillingness to make the kind of important investments that any period of economic growth requires, which are obviously being adversely affected by the amount of debt we are accumulating. I don't know if my colleague from North Dakota saw the same article I did yesterday, which was the lead story in the World Business section of the New York Times in which the IMF chief sees potential hazard in U.S. fiscal policies. I quote: ``We believe that such a large imbalance'' Talking about debt and deficit. ``is a risk not only to the United States economy, but for the world economy'' as well. There are implications of allowing this fiscal situation to get so out of hand so quickly. As I recall it, in January 2001, we were looking at 10 years of surplus of $5.6 trillion. We are told now that the projections over the next 10 years of debt is somewhere around $3.5 trillion. My question is, what are the implications for the younger generation? What about a birth tax here?”