If the Democrats had there way, we wouldn't have gotten the Medicare Part D we got, instead we would have had a more expensive government drug program.
The tax rates, looked at through static analysis are only a modest part of the deficit increase, and looked at dynamically even less so.
The wars, or even all military spending increases combined, are small compared to the increase in entitlements (including Part D, but mostly other programs), and wars are temporary, entitlements go on indefinitely. Compared to the long term discounted cost of Obamacare, the wars aren't very significant.
Here's the kicker: Regardless of how the Fed proceeds, by 2012 the public debt will be retired according to current projections, leaving the government with net receipts above its expenditures. In order to deal with financial obligations mid century, the government may choose to save, and indeed invest this surplus.
A big chunk of that was faulty over-optimistic projection. Just like the projections for relatively tiny costs (compared to the actual historical costs, not tiny in normal terms) of Medicare and Medicaid, and probably just like the current official estimates of the cost of Obamacare. |
