But not to worry. The Congressional Budget Office estimates that it's possible to sustain today's level of federal spending and even achieve a balanced budget. All that...
You have a few riots, elect one socialist, and now the EU (Deutchland excepted) are saying, "maybe no to austerity". Holy Cow. Maybe we shouldn't stop our long walk off a short plank. Insanity. ...and now the same insanity is coming to America. The presumptive GOP nominee (who IS the non-Obama) won't speak to the real issue, because he thinks the electorate won't respond favorably. He's wrong. If this insanity keeps up, however, in a few years he will be right. Insanity.
Let's think about the kind of mess that we're in. Federal 2010 Medicare and Medicaid expenditures totaled $800 billion. The projected annual growth of both programs is about 7 percent. Social Security expenditures are more than $700 billion a year. According to the 2009 Social Security and Medicare trustees reports, by 2030, 49 percent of federal revenues will go for Social Security and Medicare payments. The unfunded liability of both programs is already $106 trillion.
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