Budget Deficit Cover-Up
-- May 29, 2003
It's not news that Washington is lying about the budget deficit. But the sheer size of the looming shortfall boggles the imagination. Here are some of the highlights ...
Bottom line: There is no way, no how that this budget shortfall is going to be made up unless Washington comes to grips with reality and starts cutting spending along with taxes. And not "itty bitty" cuts, either. We need massive spending cuts soon, or the budget shortfall could swell into a black hole that will swallow the economy -- and even our children's future.
- Subtract future expected federal commitments from future expected federal revenue and we're left $44 TRILLION in the hole, according to a government study ordered by former Treasury Secretary Paul O'Neil.
- That's four times current gross national product and ten times the publicly held national debt. Put it another way: Everyone in the country would have to work for four years and hand over every penny they earn to pay this monstrous bill.
- In just 5 years, baby boomers will start collecting Social Security retirement benefits. Three years after that, they'll start collecting Medicare benefits. When all 76 million boomers are retired, we'll have twice as many benefit recipients, but only 15% more workers to pay their benefits. That's a recipe for disaster.
US 'Faces Future Of Chronic Deficits'