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September 13, 2008
ERIC S. RAYMOND: Timing the Entitlements Crash. "The fundamental problem is that income-transfer programs (and the interest service on the debt purchased to keep them running) are spending wealth in higher volumes than the economy can actually generate, and demand for that spending is rising faster than the economy is growing. Thus, raising tax rates is no longer a way out, if it ever was." Remember, if something can't go on forever, then it won't.