Posted on 09/17/2013 10:02:33 AM PDT by NormsRevenge
WASHINGTON (AP) — A new government study says that federal health care and retirement programs threaten to overwhelm the federal budget and harm the economy in coming decades unless Washington finds the political will to restrain their inexorable growth. The long-term pressures promise to quickly reverse recent improvements in the deficit.
Tuesday's Congressional Budget Office report says that government spending on health care and Social Security would double relative to the size of the economy in 25 years and that spending on other programs like defense, transportation and education would decline to its smallest level by the same measure since the Great Depression.
The share of federal spending devoted to health care would rise from 4.6 percent of gross domestic product today to 8 percent in 2038; spending on Social Security would rise as well, as the number of people receiving benefits rises to more than 100 million in 25 years, compared with 57 million people taking benefits now.
The rise in costs for the popular benefits programs has been apparent for many years and budget hawks says it's best to tackle their unsustainable growth immediately rather than be forced to make more draconian cuts later. But Washington — whether government is divided or controlled by one party — has been unable to agree on ways to curb the growth of these programs.
Democrats prefer a mix of tax increases and relatively small cuts in Medicare, Social Security and other spending. Republicans have proposed more dramatic long-term cuts to Medicare but are dead set against further taxes, especially after President Barack Obama won rate increases on upper-bracket earners in January.
"The unsustainable nature of the federal government's current tax and spending policies presents lawmakers and the public with difficult choices," CBO said.
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(Excerpt) Read more at news.yahoo.com ...
Not to worry, all the big gubamint type have their golden parachutes on.. They’ll survive,, will the rest of us?
I know it’s gonna blow up..my problem is figuring out when...it’s gone far longer already than I expected...
This is about 15 years behind the curve
Yeah, but what about “yet another mass shooting”? Debt ain’t a problem. At least for the gov. I mean what collection agency is gonna call them and harass them?
but wait..
US health costs rise more slowly than expected: agency
http://news.yahoo.com/study-warns-us-long-term-debt-problems-140151351—politics.html
AFP
US federal health spending will keep growing over the next 25 years but at a slower-than-expected pace, the Congressional Budget Office said Tuesday in its annual long-term study.
Like we needed a new government study to show this? Like it hasn’t been completely obvious and predictable for years and years?
Wonder how much this stupid study — which will certainly be ignored by our political establishment — actually cost?
Federal health care will soon be Obamacare, but that matters little as Obamacare will break us too.
These people are complete and total idiots.
“Hey! Heeeyyyyy! Trillions of dollars of debt is baaaad! We’re DOOOOOOOOOOOOOOOOMED!”
They’re right on that last part.
The high schoolers of today are inheriting this, while we whine.
The power structure is throwing Monopoly money at people in order topi rain power
When honest people take over, careful what we wish for, the printing will stop and the hard work will begin.
But we need to get on board. Cruz’ petition could use a lot more than 1.3 mill signatures.
All otherwise good men need to put the porn away and pay attention to the next generation of innocents. They’ve already lost brothers and sisters by 50 million since 1973. They do not deserve anything less.
Lets grow up
“...unless Washington finds the political will...” to say “no” to people who need to hear that word but who are not accustomed hearing it?
Yeah, that’s gonna happen when monkeys fly out my butt.
Was the title of the study “DUH”..??..
Yes, there have been so many studies of this sort over the years.
A major study was initiated by Obama. The Simpson/Bowles commission studied all of this and made recommendations to deal with. Obama chose to ignore his own commission.
Instead, liberals demagogue and say Paul Ryan wants to throw Grandma off the cliff, rather than have intelligent discussions of the issues involved.
How do you deal with liberals who won’t discuss the real issues, who refuse to admit there is a problem, etc?
No kidding! Hoo wooda thunk it?
Liberals and RINOs will not do what needs to be done, because they love their elected office more than they love the country. That is simply all there is to it.
“By that measure, the debt would actually decline slightly under the current trajectory over the next five years, dropping from 73 percent of the economy now to 68 percent in 2018. “
Did you catch that bold faced lie? The national debt is about $17 trillion. The currently reported GDP is a fraud but stated at $17 trillion. How in the world are they claiming our debt is only at 75% of GDP?
There isn’t really anything to inherit. “This” is it and “this” right now is the best it is going to be for decades (and that is after the fiat money runs out and the collapse occurs).
I am so glad Ted Cruz doesn’t have that lazy minded attitude
BS is a major commodity these days in DC.
Best joke I have heard in a while!
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