The Obama - Clinton Disaster Message Board

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Politics : The Obama - Clinton Disaster

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To: Kenneth E. Phillipps who wrote (14500)	6/30/2009 10:57:30 AM
From: JakeStraw	1 Recommendation Read Replies (2) of 103300

In just two years, the debt load will leap to 60% of GDP, and to 87% by 2020 and 181% by 2035 — just 25 years away. Today, we spend about 1% of GDP on paying down debt. That's estimated to rise to 2.5% by 2020. Soon these payments will start eating seriously into our budget, and we'll be like hapless homeowners who put too much on their credit cards. We'll be working just to pay our debts — or rather, our children and grandchildren will. Almost all of this spending surge is due to entitlements. So it doesn't even include possible programs like cap and trade and national health care. Medicare and Medicaid alone account for 80% of the growth of all entitlement spending over the next 25 years, rising from 5% of GDP to 10%. Now, imagine the rest of health care spending — about 13% of GDP right now — on the government's tab, too. The CBO says this debt growth will have a pernicious effect on the economy. "As investment (is) displaced by government debt, GDP (will) grow more slowly and eventually decline." ibdeditorials.com

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