Alarming CBO Report

Alarming CBO Report

The Fiscal Times recently highlighted the impending problems facing future Americans observing, “despite an already rising tax burden, the CBO projects that in 75 years all of America’s tax revenue will only cover health spending (mainly on seniors) and interest on the debt. Everything else, from the national parks to the military to research and space exploration, will have to be funded by additional debt.”

As the debt continues to climb, fiscally responsible Americans continue to grapple with what could potentially become America’s greatest albatross. The Fiscal Times explains, “The problem isn’t a lack of tax revenue (which is expected to grow from nearly 18 percent of GDP now to 24 percent by 2089) but ballooning costs related to health care entitlements and growing interest on the national debt. Spending on these two items is expected to grow from 6.1 percent of GDP to 24 percent of GDP.”

Failure to mitigate the damage that will inevitably result from this massive spending is, in many ways, tantamount to failure to create a defensive barrier to assaults on American territory. The certain decline in America’s ability to secure the well-being and security of American citizens is just as real and alarming. Without preemptive action by government, financial destruction will most assuredly translate into deterioration of that which is so vital to the lives of Americans – national security, education, transportation, etc., etc. Are we really ready to go there?

 

Click here to read the full Fiscal Times article.

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