October 7, 2012
RARE VIDEO FOUND FROM BEN BERNANKE’S CHILDHOOD.
And on a more serious note, your scary-ass charts of the day from Ed Morrissey. As Ed notes, the deficit chart you saw earlier today via Glenn, but don’t miss Heritage’s chart on federal spending per household. About which, Ed writes:
So, we don’t really have a revenue problem here, or at least not primarily a revenue problem. We have a spending problem. Most of that is almost certainly in Medicare and other health-care spending, and it’s certainly going to be the biggest problem in the next few decades. Sequestration isn’t going to solve that. We need to find a way to revamp our safety-net programs to truly reduce spending in order to rebalance the relationship between federal spending and household income. We simply can’t get enough income to support that rate of growth — most of which has been funded by exploding deficits and national debt, the service of which will cost households in future generations even more in federal-spending growth.
Or to borrow a line from Mark Steyn’s recent interview with Hugh Hewitt, “We need to find $16 trillion dollars in America to get back to being broke.”