Thursday, September 19, 2013

Fiscal Forecast Not Good Per The Congressional Budget Office


These three sentences open the article below.  If you think government is doing all it can to fix what they have broken, think again.  This is not a good news story.

"The Social Security Trust Fund will run dry by 2031 and public debt will hit 100% of GDP by 2038, new projections from the Congressional Budget Office show. 
The debt increase will be driven by spending on major entitlements that grows 50% faster than the economy and soaring interest payments, which will nearly quadruple to 4.9% of GDP.  And that relatively good scenario assumes a continuation of spending cuts via sequestration and sharp cuts to Medicare physician reimbursements."



George Burns

No comments: