The Mother of All Fiscal Cliffs

[KenH]

"Politicians have been largely keeping the bipartisan promise to pretend there’s no need for entitlement reform, but the facts haven’t changed. Medicare and Social Security this year will spend $649 billion more than they take in. Cumulatively, over the next 30 years, they’ll spend $69 trillion more than they take in, according to the CBO. That will require more borrowing, which will create $47 trillion in interest costs, bringing the grand total of the cost of Social Security and Medicare to $116 trillion in new debt over the next 30 years."

- rest of article at The Mother of All Fiscal Cliffs | National Review