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Post by stoner44magnum on Mar 11, 2010 16:29:04 GMT -5
Entitlement Apocalypse What We Must Do to Avoid It By Andrew G. Biggs | National Review Monday, March 22, 2010 Entitlement spending could take several routes to become a fiscal apocalypse. By doing nothing, Medicare, Medicaid, and Social Security will accumulate massive debts; if reforms target maintaining all current benefits, taxes will eat up much of America's income. Reforms that reduce benefits must be included. Our long-term budget challenge can be summarized in one word: entitlements. Without Social Security, Medicare, and Medicaid, the budget would be roughly in balance over the coming decades. But with these programs, and without reform, a fiscal crisis is inevitable. To balance the budget over the next 25 years would require an immediate and permanent 30 percent increase in all federal taxes. That is the future we face, and it is a future of our own making. The rest here: ow.ly/1gCWs
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Post by brocktownsend on Mar 11, 2010 17:57:58 GMT -5
50% of the budget now.
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