According to the CBO, the Clairvoyant Bureaucratic Office, “federal debt will be growing faster than GDP, a path that would be ultimately unsustainable.” Our national debt is already bigger than our economy.
The key source of upward pressure on the federal debt is expanded federal spending in the form of Obamacare, its gluttonous siblings Medicare and Medicaid, and its senile cousin Social Security. Because of government encroachment into the health care industry, health care spending will double over the next twenty-five years to 14 percent of GDP.
In order to stop the Social Security trust fund from defaulting and return to sustainable levels of unfunded liabilities by 2025, future and current Americans will have to incur a 25 percent cut in their benefits.
The CBO hearing had the tone of a doctor’s appointment for a self-destructive addict. The doctor says, “You know you can’t keep overspending like this, America,” and the government nods sheepishly and then scampers off to print more money.