Home > economics, Political, Politics, Pre Pulse Ramblings > A Word to the Weary

A Word to the Weary

The future holds the final, systemic crash of the New Deal and Great Society. How far away is it? It’s hard to recalibrate the doomsday clocks fast enough to keep up with our current tidal wave of deficit spending. I think we have about fifteen years, after factoring in the poisonous effects of desperate measures taken to hold off disaster, like the Value Added Tax. I can imagine many world events that would accelerate that timetable considerably.

Social Security is running deficits now. Its collapse is a matter of actuarial fact, not opinion. The Congressional Budget Office just released a report that says the national debt will reach 90% of our gross domestic product by 2020… and the CBO usually under-estimates the effects of economic slowdown on federal tax revenue. Two years ago, the CBO thought Social Security would not be in the red until 2019. Five years ago, Barack Obama’s party confidently assured us the program would remain solvent for decades. These people have always been wrong. They just compounded their errors with trillions of deficit spending from a bill none of them read.

via Hot Air » Blog Archive » A Word to the Weary.

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