There are no two ways about it people and not little tweeks or adjustments will do it. In order to save our nation from going over the cliff of destruction and third world status we must cut entitlements. Do we do it now and save ourselves or do we wait until bankruptcy of the nation does the cutting? At the rate our current administration and Congress are going we won’t have long to wait if bankruptcy is your choice. Whereas if we choose to make the cuts ourselves now it is true that many people, in fact most of us, will hurt, but the funds and initiative to rebuild our nation will still be standing. B
Taken entirely from a Cato Institute report.B
The Debt Explosion
According to the Congressional Budget Office’s recent estimates of President Obama’s current budget proposal, debt held by the public relative to the size of the economy is heading toward heights last seen since the end of the Second World War:
The ending of hostilities and a post-war economic boom lead to a steady and precipitous drop in the debt as a share of the economy. In the present day, it is entitlement spending that’s driving the debt explosion. Therefore, if the debt is to be brought under control, policymakers are going to have to rein in entitlement spending. Unfortunately, the president’s expansion of the government’s role in health care will exacerbate the problem, despite the admininstration’s claims otherwise.