Run to Canada while you can!

Douglas Elmendorf, director of the Congressional Budget Office, speaks about the economic and budget outlook in Washington, D.C.

The latest dose of reality from Elmendorf's CBO: a forecast that the federal deficit will reach $1.35 trillion this year — $4,400 for every American. All that red ink means the overall debt will rise to $8.8 trillion by the end of 2010, or about 60% of gross domestic product — the highest level of public debt since 1952. "There's a fundamental disconnect between the level of benefits that people want the government to provide, particularly for older Americans, and the amount of resources that people want to send to Washington to pay for those benefits," Elmendorf says. "To make the fiscal policies sustainable will require some resolution of that fundamental disconnect."

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