Nums: The millenials’ real fiscal crisis is still ahead …

No secret that spending is out of control … exceeding tax revenues by 10 percentage points of GDP

Dems are saying “don’t touch Social Security, Medicare or any other entitlements”

Some folks are saying “Keep borrowing, rates are low”.

Here’s the predictable outcome … no budget left for ANYTHING except entitlements and interest on the debt … and, it can’t be solved by simply taxing the millionaires and billionaires who make more than $250,000..

Source: Mary Meeker KCPB

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This entry was posted on December 6, 2012 at 6:59 am and is filed under Entitlements, Fiscal cliff, Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “Nums: The millenials’ real fiscal crisis is still ahead …”

Kate DCamp Says:
December 6, 2012 at 2:29 pm | Reply
how have you factored in the existing trust fund for social security? the actuary’s report says the fund is sound until 2038
Chris Says:
December 6, 2012 at 9:49 pm | Reply
Kate, the trust fund is an illusion. It’s filled with special Treas bonds that allowed Social Security taxes to be used to fund spending in previous years. “Repayment” of those bills will have to come from new debt to the public or from taxes in out years.

There’s simply no pile of money standing behind Social Security.

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