CBO report settles budget debate in conservatives’ favor
The true driver of the national debt has long been staring the nation in the face, and it’s the skyrocketing cost of entitlement programs. Though the CBO expects annual defense spending to grow 20 percent over the next decade, it sees spending on Social Security growing at 67 percent and spending on government health care programs (led by Medicare, Medicaid and Obamacare) soaring by 94 percent.
All told, in 2023, the federal government is projected to spend $3.7 trillion on mandatory programs, representing 62 percent of the budget and more than five times what will be spent on defense.
These numbers, taken together, make it abundantly clear that the only reason for additional tax hikes at this point would be to chase skyrocketing spending on entitlements. Paying for this spending wouldn’t be a matter of asking the very rich to pay a little more — it would necessitate large tax hikes on the middle class that far exceed historical levels.
Blowback
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No way you can fix this see? We’re too far gone.
Let it burn … keep away from the fire … and when it subsides we’ll rebuild.
HondaV65 on February 7, 2013 at 11:10 AM
At this point, what does it matter?
Dusty on February 7, 2013 at 11:14 AM
It absolutely doesn’t matter … we’re Fu**ed Like Chuck – that’s what the matter.
To get back on a safe budget trajectory would require DEEP CUTS that neither Dims nor the GOP will support.
That’s why I don’t understand why anyone thinks it’s important to control the White House or Congress – that whole house of cards is about to go up in SMOKE.
You don’t want to be in control of that … UNLESS you’re willing to make the required DEEP CUTS. If you’re not willing to make them – then stand the f*** away from the flames and watch it burn. Otherwise – you’ll be blamed for the fire.
Obama wants to supervise the burning of America – let him.
HondaV65 on February 7, 2013 at 11:17 AM
I have both the report and the slideshow briefing. It is stunning how much BS wishes are in there. One is enough to make my point.
ALL the numbers are premised on a rate of growth and employment that is imaginary. GDP to grow at over 3% per year for the next decade> Unemployment to drop to 6% and massive numbers of workers to magically come back into the workforce.
I do not know of a drug that creates such good hallucinations.
platypus on February 7, 2013 at 11:19 AM
Quite right. I suspect the Left is intentionally setting the system up to collapse. By the mid-2020s, our under-65 population will be minority-majority and mostly poorer. You can bet they won’t tolerate having their taxes go to pay for old white Baby Boomers to retire and consume health care.
Outlander on February 7, 2013 at 11:22 AM
The Leftist War On The Middle Class unfolds.
Why do Democrat voters hate working families and children?
visions on February 7, 2013 at 11:27 AM
Depends on whether you’re afraid of some kind of dictatorship being started.
Doomberg on February 7, 2013 at 11:41 AM
You’re quite the optimist. When it burns everyone will be told it’s because of those evil capitalists and all their greed. It’s worked for every single problem caused by the government so far and it will work again.
ButterflyDragon on February 7, 2013 at 11:41 AM
Obviously the CBO is racist. Furthermore, they may need to be considered for domestic terrorist status by Big Sis and Homeland.
NickelAndDime on February 7, 2013 at 11:45 AM
Well la-ti-da.
That and $5 will get you a very nice cup of coffee.
When one side of the aisle gets serious and stops demagogue it to a fare-thee-well when they’re not ignoring it outright then maybe we’ll get some progress on it.
Jeff Weimer on February 7, 2013 at 12:00 PM