Friday, April 08, 2011

Quote of the Day - unsustainable

Since I'm working on gathering information for filling in on WSPD this afternoon from 3-6 p.m, I though it was a good time for this quote from Sheldon Richman, editor of "The Freeman" and (publications of the Foundation for Economic Education), on the federal fiscal situation:

"The current trajectory is unsustainable in the ruling establishment’s own terms. If nothing changes, in perhaps a little more than a decade all the central government’s revenues will be consumed by Medicare, Medicaid, Social Security, and interest on the burgeoning debt, which, at more than $14 trillion, is closing in on 100 percent of GDP. The central government now borrows 40 cents of every dollar it spends. Imagine how upset the ruling elite will be when it can spend money on nothing but so-called entitlements and interest? That would leave nothing for the military-industrial complex, nothing for business and farm subsidies, nothing for all the ways that politicians buy off constituents so they can be reelected over and over. Obviously, they don’t want that to happen."

For more, see his complete article, "Had Enough Yet? Thank you, political class."

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