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News Link • Economy - Economics USA

The Coming U.S. Government Default?

• The Independent
Social Security, Medicare, and the federal component of Medicaid are easily the leading sources of the U.S. government’s worsening fiscal nightmare. By 2037, the ongoing growth in spending for these programs will have pushed up total federal spending to 35.7 percent of GDP, according to the Congressional Budget Office. This share is about 75 percent larger than the average since the end of the Korean War.

But federal tax revenues can’t keep pace; it’s practically an “iron law” of our political culture that the U.S. government takes in approximately 17 percent to 20 percent of GDP....

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