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Politicians failing us on economy
Lee Hamilton
Lee Hamilton is director of the Center on Congress at Indiana University; distinguished scholar, IU School of Global and International Studies; and professor of practice, IU School of Public and Environmental Affairs. He was a member of the U.S. House of Representatives for 34 years. - photo by File photo
A couple of months ago, the Congressional Budget Office issued a sobering report on the U.S. economy’s long-term prospects. Not to put too fine a point on it: We’re headed for the fiscal rocks.Federal spending accounts for about 20 percent of the nation’s gross domestic product, the budget analysts note. If current trends continue, that will rise to 25 percent by 2040.