Terrorists Launch Attacks on Americans Building Biden’s Gaza Pier
The Pro-Hamas Activist Who Accosted Alec Baldwin Went Totally Insane During Piers Morgan...
Police at UT Austin Had the Perfect Response to a Pro-Hamas Activist Flipping...
Secret Service Agent Assigned to Kamala Harris Suffers What Looks Like a Mental...
Here's the Video Exposing What NYU's Pro-Hamas Students Really Think
Will Jewish Voters Stop Voting for the Democrats Who Want to Kill Them?
Someone Has to Be the Adult in the Room: Clear the Quad and...
Our Gallows Hill — The Latest Trump Witch Trial
Florida Has Carried Out an Impressive Evacuation Operation in Haiti
Biden Administration's New Overtime Rule Blasted as an 'Attack on Small Businesses'
Students at Another Ivy League University Get Ready to Set Up Encampment
Stop the 'Emergency Spending' Charade Already
Should Republicans Be Concerned About the Pennsylvania Primary Results?
Mike Davis' Internet Accountability Project Calls on Senate Republicans to Break Up Big...
Joe Biden’s Hitler Problem
OPINION

Bankrupt: Entitlements and the Federal Budget

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
Advertisement
Advertisement
Advertisement

The U.S. government is about to exceed its statutory debt limit again before 2013. But that actually underestimates the size of the fiscal time bomb that this country is facing. If one considers the unfunded liabilities of programs such as Medicare and Social Security, the true national debt could run as high as $119.5 trillion.

Advertisement

Moreover, to focus solely on debt is to treat a symptom rather than the underlying disease. We face a debt crisis not because taxes are too low but because government is too big. If there is no change to current policies, by 2050 federal government spending will exceed 42 percent of GDP.

Adding in state and local spending, government at all levels will consume nearly 60 percent of everything produced in this country. Whether financed through debt or taxes, government that large would be a crushing burden to our economy and our liberties.

Driving this massive increase in the size and cost of government are so-called "entitlement programs," in particular Social Security, Medicare, and Medicaid. Indeed, by 2050, those three programs alone will consume 18.4 percent of GDP. If one assumes that revenues return to and stay at their traditional 18 percent of GDP, then those three programs alone will consume all federal revenues. Therefore any serious attempt to balance the federal budget and reduce our growing national debt must include a plan to reform entitlements.

Advertisement

It may well be politically convenient to continue ducking entitlement reform. But doing so will condemn our children and our grandchildren to a world of mounting debt and higher taxes.

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos