Long-term budget view may surprise you – Tom Curry – MSNBC.com

There are a lot of reasons this article is interesting – the fact that we are spending far less on our military now (as a percent of GDP) than we were in 1954, the fact that so much of our budget now goes to social programs, and the following paragraph, which should scare the crap out of every American taxpayer: 

“We’re heading for a circumstance in which all of federal spending will be consumed just by Medicare and Medicaid and Social Security,” Conrad said Thursday. “There’d be nothing left for national parks, for highways, etc. That’s the outlook in the long term, if we fail to act. The conclusion one reaches is that we’re on a completely unsustainable course.”

Source: Long-term budget view may surprise you – Tom Curry – MSNBC.com

Comments

  1. Thanks Paul – that was an interesting article (scary as hell, but interesting!). And Amerians don’t think it makes any difference if they buy American made or foreign goods?

    I don’t see this stopping though – American’s don’t want to have to give anything up, and our elected officials don’ want to ask us too. It’s a certain way to NOT get elected.

  2. I’m afraid that the average American has no idea how severe and dire the situation actually is!

    If you have debt, you are basically owned by someone.
    You’d be astonished to learn how much of ‘America’ is actually ‘owned’ by Arabs!

    Anyway, my hero Warren Buffett wrote a VERY interesting article about it, back in 2003 (the situation is much worse now!) .. read it here: http://www.pbs.org/wsw/news/fortunearticle_20031026_03.html

    To give an idea, back in 2003 (when things were much better!) The foreign ownership of your beloved America grew by $500 BILLION per year !!!

    If it’s too long for you to read… let me just quote one paragraph…
    “In effect, our country has been behaving like an extraordinarily rich family that possesses an immense farm. In order to consume 4 percent more than we produce — that’s the trade deficit — we have, day by day, been both selling pieces of the farm and increasing the mortgage on what we still own” …

    (Waging a war that costs $150-200 million A DAY, is, from a pure financial point of view, not really helping either).

    The new super-powers are warming up at the sideline to take over…