While the Fed fiddles, Congress burns. Self-titled fiscal hawks like Paul D. Ryan, the chairman of the House Budget Committee, are terrified of telling the truth: that the 10-year deficit is actually $15 trillion to $20 trillion, far larger than the Congressional Budget Office’s estimate of $7 trillion. Its latest forecast, which imagines 16.4 million new jobs in the next decade, compared with only 2.5 million in the last 10 years, is only one of the more extreme examples of Washington’s delusions.
This is not difficult to figure out from the facts on where the money is going. It is also not difficult to figure out what's going to happen if we don't cut that crap out. Virtually the entire problem is found in just two programs, one of which is Social Security and the other is Medical entitlements.
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