-Los Angeles Times, July 8, 2009 by Alan J. Auerbach and William G. Gale
http://www.latimes.com/news/opinion/la-oe-auerbach8-2009jul08,0,7586160.story
Most economists accept the need to put aside concerns about fiscal balance as we address the recession. But soon enough we will face pressure to shift our focus from the short-term economic problem to our longer-term fiscal problem. And, unfortunately, poor policy choices in the past combined with the enormity of the recession make the second problem worse and reduce the time we will have to deal with it.
-The New York Times, July 8, 2009 by Peter S. Goodman
http://www.nytimes.com/2009/07/08/business/economy/08deficit.html?_r=1
“The budget outlook at every horizon is troubling,” declared Alan J. Auerbach, a finance expert at the University of California, Berkeley, and William G. Gale, an economist at the Brookings Institution, in a recent paper. “The fiscal year 2009 budget is enormous; the 10-year projection is clearly unsustainable; and the long-term outlook is dire and increasingly urgent.”
-KCBS-AM, July 13, 2009 by Rebecca Corral
http://www.kcbs.com/pages/4794528.php
“If we were running a deficit like this in good times, it would be a catastrophe, really. But we’ve got other problems to worry about in the very short term…. We will have very big spending cuts and very big tax increases, and we will have them perhaps in the not-too-distant future or else the bad things that happen when countries accumulate unchecked national debt will happen to us, such as inflation, the very sharp decline of the dollar, increases in interest rates.”