Wednesday, June 29, 2016
CBO: The 2016 Budget Outlook
Congressional Budget Office, The 2016 Budget Outlook (June 29, 2016):
Projections are funny things; they could be higher or lower as you get closer to the period in question. But what's known about the Federal Gov't today is stark:
$1,028 billion in health care spending
$954 billion in social security spending
$362 billion in other welfare spending
$223 billion in interest on the national debt
$134 billion in education spending
That's about $2.7 trillion or 2/3 of all Federal spending, and it's only going to go up. Defense and the rest, that's all completely discretionary. Our elected officials won't be able to raise income and payroll taxes fast enough to keep pace with mandatory and other social spending increases...
Posted by: MM | Jun 29, 2016 1:27:52 PM
Federal deficits are caused by one thing: Politicians overpromising to their pet constituencies.
Posted by: Old Ruster from JD Junkyard | Jun 30, 2016 3:27:08 PM