Bush and his BULLSHIT are catching wp to the US!
http://famulus.msnbc.com/famulusgen/...s=122020031827
In a look ahead at the next 50 years, Congress' nonpartisan fiscal analyst also Friday concluded that the problem is so immense that economic growth alone will not be enough to solve it.
The three big programs ? Social Security, Medicare and Medicaid ? are all expected to undergo dramatic increases as the 76-million strong generation of Americans born between 1946 and 1964 begins gradually relying on them at the end of this decade. Expenditures are also being driven higher as health-care costs continue to balloon.
Social Security is so large ? and Medicare and Medicaid expanding so rapidly ? that limiting the growth of defense, education and other spending that Congress controls would not be enough for sound budget policy, the report said.
''Substantial reductions in the projected growth of spending or a sizable increase in taxes as a share of the economy ? or both ? will probably be necessary to provide a significant likelihood of fiscal stability in the coming decades,'' the budget office said in a report.
The 60-page report compared current and future spending and revenues to the size of the U.S. economy, now about $11 trillion. Economists consider the percentage that results a useful way to measure the federal budget over time, because it illustrates how affordable particular programs or policies might be.
In the study, the budget office offered six hypothetical scenarios for restraining spending and raising taxes through 2050.
We are sooooo screwed!!!
In a look ahead at the next 50 years, Congress' nonpartisan fiscal analyst also Friday concluded that the problem is so immense that economic growth alone will not be enough to solve it.
The three big programs ? Social Security, Medicare and Medicaid ? are all expected to undergo dramatic increases as the 76-million strong generation of Americans born between 1946 and 1964 begins gradually relying on them at the end of this decade. Expenditures are also being driven higher as health-care costs continue to balloon.
Social Security is so large ? and Medicare and Medicaid expanding so rapidly ? that limiting the growth of defense, education and other spending that Congress controls would not be enough for sound budget policy, the report said.
''Substantial reductions in the projected growth of spending or a sizable increase in taxes as a share of the economy ? or both ? will probably be necessary to provide a significant likelihood of fiscal stability in the coming decades,'' the budget office said in a report.
The 60-page report compared current and future spending and revenues to the size of the U.S. economy, now about $11 trillion. Economists consider the percentage that results a useful way to measure the federal budget over time, because it illustrates how affordable particular programs or policies might be.
In the study, the budget office offered six hypothetical scenarios for restraining spending and raising taxes through 2050.
We are sooooo screwed!!!
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