Thursday, January 31, 2008

A 125-Year Picture of the Federal Government's Share of the Economy, 1950 to 2075

Federal Outlays, 1962 to 2001

Federal Outlays by Category, 1950 to 2075


Under the assumptions CBO made for this 125-year picture of the federal government's finances, the projected rise in expenditures for Social Security, Medicare, and Medicaid would drive total federal outlays well above the level that they have been throughout much of the post-World War II period. The core costs of the federal government--that is, ignoring net interest on the debt--could rise from approximately 18 percent of GDP today to 24 percent in 2050 and 28 percent in 2075. Left unattended, that steady escalation in spending could cause major deficits to emerge and thereby push the government's debt and interest expenditures to unprecedented levels. The total cost of government, including interest expense, could more than double as a share of the economy, rising from 19 percent of GDP today to 40 percent in 2075 (see Figure 3 and Table 3).

"I’m tired of Bush and Clinton families running America and want a change."

I think I can summarize your choice in simpler terms: you've decided to vote for a Democrat no matter what, and you don't want it to be Hillary. Fine.

If Jeb Bush were running and a viable candidate at this point your statement above would be a good way to disguise the fact that you eliminated a Republican vote from the start.

Most people, rightly or wrongly, choose the party they are going to vote for well in advance of all the debates. It only irks me when people pretend that they are exceptions to this.

Go to the CBO web site and look at projected Federal spending as a percentage of GDP (and note where the money goes, also note the optimistic assumptions about "other", finally note that this is ONLY federal spending). Explain to me how any of the Dems are going to address this.

Have the Reps done a good job of addressing it? No. But at least they acknowledge the problem and resist the temptation to add yet another exponentially growing entitlement to what may be the downfall of our way of life.

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