Sunday, November 16, 2008

The Next Meltdown Is the Big One

Has the economic meltdown got you in the dumps? Cheer up! It's going to get a lot worse. According to the GAO:

Our long-term simulations show that absent policy actions aimed at deficit reduction, the federal government faces unsustainable growth in debt…growth in spending on major entitlement programs will absorb the lion’s share of the government’s resources. Just ten years from now…76 cents of every dollar of federal revenue will be spent on retirees and their health care providers.

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