While Congress and the presidential campaigns continue with business as usual — pledging more government giveaways and deep tax cuts — the government’s own accountants have once again revealed that…
— pledging more government giveaways and deep tax cuts — the government’s own accountants have once again revealed that the era of free lunch economics is over.showing that this year’s budget deficit will come in just under $2 trillion — nearly double the level from just two years ago, adjusted for the canceled student loan bailout.Running $2 trillion budget deficits in a growing economy is virtually unheard of.
The debt held by the public would reach $50 trillion by 2034, double what it is today. That’s a record 136% of the economy, dwarfing even World War II debt levels. The primary spending and deficit driver is the retirement of 74 million Baby Boomers into Social Security and Medicare.These deepening shortfalls and budget deficits have made interest costs a ticking time bomb.
A decade from now, interest costs will consume 27% of all federal taxes — everything you pay to Washington through April 9th. What a waste.
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