There's bad math, and economics, then there's scary math
I came across this article on what the real deficit is this year (notice that Congress uses an accounting method that it doesn't allow me to use as an independent business owner).Notice that the real defict is over twice what's reported. At the bottom of the article there is bad math/economics where Broder says that if we keep spending at the same level and keep the tax cuts and make them permanent, well, then we'd be in real trouble. Uh, no. Not at all. Ever.
As a friend of mine said, and I agree a deficit is never a revenue or tax problem. It always has been and always will be a spending problem. Period. End of story. Go on to the next book. Reagan's tax cuts brought in a 100% increase in revenue. The problem with the deficits then was that the Democratic Congress spent all the new revenue, then even more. And it's never a bad idea that people keep the money and more of the money they worked for. Thank you Karl Marx and your heathen spawn, you scum sucking servants of satan.
But what I shuddered at was that the actual deficit of $760,000,000,000 this year comes out to be a debt figure of $156,000 for each every LEGAL man, woman and child in America. That means that the unfunded Social Security and Medicare liabilities comes out to be $14,300,000 for each non-undocumented American (meaning a real, legal American). But, it's really worse because that cost will fall on our children and grand children. And the $14,300,000 is in today/constant dollars. What needs to be put into an ccount this afternoon. And that figure goes up by $800,000 each year.
That's the result of scary math.