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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Brumar89 who wrote (698936)	2/14/2013 8:23:25 AM
From: puborectalis	Read Replies (2) \| Respond to of 1576387

the share of GDP absorbed by federal taxes has been astonishingly stable since 1946—averaging less than 18 percent and exceeding 20 percent in only one year (2000).[3] The president’s own budget shows federal receipts going no higher than 19.2 percent of GDP by 2017. But he has put us on a path that his own Department of Treasury has declared is “ unsustainable.” Why? Because health entitlements under Obamacare will grow so rapidly that federal spending as a share of GDP will grow by more than 40 percent by the year 2085. Rising health entitlements will account for every penny of that increase! With projected federal spending topping 34 percent of GDP and the known politically acceptable levels of federal tax revenues falling below 20 percent of GDP, we are between the proverbial rock and a hard place. Being able to afford even 4 percent of GDP for national defense—we’ve averaged 6.4 percent since 1946—will grow increasingly problematic. This is not just some future hypothetical: as it is, we currently are spending $50 billion less on defense in FY2013 than outgoing Secretary of Defense said just two years ago would be needed this year. And remember that Obamacare spending kicks in with a vengeance in 2014. Thus, the choice between bullets and butter will be harder to make each year we keep kicking the can down the road instead of addressing health entitlements.