The bottom line is this: mandated fiscal entitlements, projected into the future, are over 52,000 billion dollars. That will equal 90% of all household wealth in the
, and will place a burden of over 450 thousand dollars on every household in the land. This is almost ten times the present median household income level. U.S.
Mr. Walker concludes that “We face large and growing structural deficits largely due to known demographic trends and rising health care costs.” Further, “GAO’s simulations show that balancing the budget in 2040 could require actions as large as cutting total federal spending by 60 percent, or raising federal taxes to two times today's level.” -David Walker, ex-Comptroller General of the US.
There's only one way out of this mess, and it ain't gonna be pretty: "Mr. Sulu, fire up the printing presses at warp factor six. Engage!"
(H/T to SurvivalBlog.)