By 2023, the federal government is expected to spend $823 billion a year on interest payments, up from $223 billion today. Interest payments plus entitlement programs such as Social Security, Medicare, and Medicaid will account for 75 percent of the federal budget, and other programs will "gradually be squeezed out," de Rugy writes for Reason magazine. She concludes: "Congress should circumvent these scenarios by acting now to cut spending and reduce future entitlement obligations. No level of taxes can address the phenomenal fiscal imbalance that our country is facing now and into the future. "History will not judge the debt-denialists kindly."
Posted on: Sun, 28 Jul 2013 16:21:18 +0000
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