JohnR(DC)
2008-05-15 04:52:05
It’s not the year-to-year spending that is the problem, it’s the unfunded liabilities that the Comptroler General has painstakingly tracked for years. By one standard, the nation cannot now meet its obligations, let alone those included in the expanding guarantees/entitlements.
Too much focus on fiscal year budgets distracts from the necessary task of reversing the dozens of guarantees and entitlements that are the legacy of 70 years of socialism. At some point, other nations will cease picking up the tab for our nation’s flatulent overpromising to just about every constituency imaginable. Armageddon will arrive.
