Fiscal Hurricane to Hit U.S

[Brad]

newsmax.com/archives/articles/2005/11/15/120255.shtml

2 commentary items of note:

1. We still need Social Security reform
2. This is what happens when we kill our young.

 

[Guar_Fan]

The NewsMax article is based upon the USA Today article which is called A ‘fiscal hurricane’ on the horizon. I will quote from it, because I find the NewsMax animated ads to be very distracting.

Without major spending cuts, tax increases or both, the national debt will grow more than $3 trillion through 2010, to $11.2 trillion — nearly $38,000 for every man, woman and child. The interest alone would cost $561 billion in 2010, the same as the Pentagon.

• The bulk of Bush’s 10-year, $1.35 trillion tax-cut program is set to expire at the end of 2010. But Congress is moving to make the reductions permanent. That would keep tax revenue at roughly 18% of the economy, where it’s been for the past half-century — too low to support even current spending levels. “We can’t afford to make all the tax cuts permanent,” Walker says.

• Baby boomers begin to reach age 65 in 2011 and go on Medicare. Of all the nation’s fiscal problems, this is by far the biggest. If it grows 1% faster than the economy — a conservative estimate — Medicare would cost $2.6 trillion in 2050, after adjusting for inflation. That’s the size of the entire federal budget today.

usatoday.com/news/washington/2005-11-14-fiscal-hurricane-cover_x.htm

None of that is surprising. Folks on both the right and the left have been pointing them out for years. The United States needs some politicians who are responsible enough to write balanced budgets… or at least aim at passing a balanced budget.

Unfortunately, our current President has been pushing tax cuts, while advocating increased government spending. And the Congress has been all too willing to play along with this irresponsible leadership.

 

[manualman]

Choose your poison. Republican blow the budget on tax breaks and corporate welfare. Dems blow the budget on massive vote buying disguised as social welfare programs (which often seem designed to actually perpetuate poverty).

Perhaps the fast food phenomenon in America is ACTUALLY a secret government plot to kill off Americans young before they draw too much social security…

 

[Guar_Fan]

Yes, I think both the Democrats and Republicans are responsible for this mess.