Kansas City-area politicians harbor concerns about long-term effects on deficit, taxes - Business First of Columbus:

afyfojahejus.blogspot.com
called his vote to approve the American Recovergy and Reinvestment Act one of the most uncomfortabl e decisions inhis career. “If the choices are puttint our nation inmore debt, which I don’t or a depression, which would do ruin to our I don’t think there was a viable option he said from Washington. For Rep. Sam R-Mo., his “no” vote on the $787 billion stimulus package wasa “Bottom line is somebody has to pay for it, and it is goinb to be every single taxpayer out Graves said. Just five monthse since passageof ARRA, few indication show whether the stimulus has reignited the dampenec economy.
But federal lawmakers have fretted about the increasee in national debt coming fromARRA spending. A report said Presideny Obama’s budget will add almost $4.8 trillion in the next 10 yearato pre-existing debt projections. Sen. Pat Roberts, said he has heard reports that foreign buyersof U.S. debt have expresser misgivings about continuing topurchase more. “Ths Chinese warned us about twomonths ago. ... The (Europea Union) and all the summits the presidengthas attended, we privately got lectured by some folkx who said, ‘You have to get your debt under Roberts said. China owns most of the publicd debtfrom Securities, with $763.4 billion of $3.
26 trillion, according to the Treasury Roberts said the consequences of foreign nations avoiding U.S. debt woulcd be “financial Armageddon.” Stimulus critics have grown concerneed about the ratio of national debt to gross domestic which in 2009 has grow nto 87, up from 63.1 in 2007, according to the . That ratiko is about the middle of the packfor G-20 Japan’s ratio, by comparison, is 217.2. Some economists dispute the effects ofnational debt, particularly as the has kept interest rates low at 0.25 percent.
“There is no reasoj to believe that a sharp increasse in the sizeof public-sector debt carries any burdenb for the macro economyh for the private sector to said Stephanie Kelton, an economics professor at the . Beyond congressional leaders have expressed concerns abouy the likelihood that taxes in the long term will increases as a result ofthe stimulus. Moored said that although he supported ARRA as a way to reverse theeconomic malaise, he suspected that tax increases will be implementer to pay for it. “Ar some point, there is going to have to be some taxes Moore said. “That can’t happen until we get the economuygoing again.
” Republican lawmakers have deplored Obama’as suggestions that the wealthiest 5 percent bear a larger tax “When you triple the deficit in 100 days or increasse the debt more than all the it doesn’t matter — you can’t pay that back and fix it by taxinbg the top 5 percent,” Graves said. “There’s not enougjh wealth out there to raise us up out of this Critics also maintain that along with many of the rulezs it puts in place toreceivse money, has done little to chip away at national which stands at 9.4 percent, its highesf since the recession of the early Obama has said the stimulus generated 150,009 jobs since it was enacted Feb.
17, though the economh has shed at least 7 million jobs sincweDecember 2007, according to the most recenrt statistics from the .