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Paul Krugman | by Center for American Progress
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Paul Krugman

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This year, the federal deficit will exceed 11 percent of the gross domestic product—higher than at any point in the country's post-war history. Though the size of the current deficit is due largely to pre-existing policies, economic recession, and one-time policies to revive the economy, there is no question that public concern over the long-term fiscal gap has intensified.


Last month, the Congressional Budget Office and the Office of Management and Budget both released new projections that predict substantial budget deficits in each of the next 10 years. If left unchecked, these long-term deficits could pose significant challenges, including substantially weakening economic growth, constraining much needed public investments, and making the United States more dependent on foreign lenders.


Please join the Center for American Progress and the Center on Budget and Policy Priorities for a conference designed to lay the intellectual groundwork for efforts that the administration and Congress should undertake—once the economy has fully recovered—to put the nation on a more sustainable fiscal path.

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Taken on September 30, 2009