With the impending entitlement crisis requiring even more future borrowing, by 2023 interest on our debt, plus autopilot programs such as Social Security, Medicare, and Medicaid, will account for 75 cents of every dollar spent by the federal government, up from 45 cents in 2010. In other words, starting now, non-interest and non-autopilot programs will gradually be squeezed out by everything else.This underscores something I've been saying forever: "discretionary" spending will be a thing of the past. We'll have mandatory entitlement spending, payments on the national debt, and a sliver of the budget left over for everything else.
Tuesday, July 16, 2013
Reminder: the national debt is still a huge problem
It's nearly impossible to escape the Zimmerman aftermath so let's note that we're still heading towards economic collapse. Hit & Run: "Yes, we do have a debt problem"