The CBO’s report follows Treasury’s grim confirmation last week that the national debt reached the $16 trillion mark, engulfing the size of the entire U.S. economy. That translates into $51,000 in debt per U.S. citizen, about what the average American will earn this year. Because of Washington’s overspending, the debt continues to climb upward toward the $16.394 trillion statutory limit...
Washington lacks the resolve to rein in federal spending, despite such negative report cards. Congress’ latest proposed spending bill, the FY2013 continuing resolution (CR) that will fund the government, doesn’t even freeze spending at current levels, as a typical CR would. The CBO estimates that level to be $1.039 trillion. Instead, lawmakers plan to increase discretionary spending by $8 billion, in order to reach the annual rate of $1.047 trillion provided under the BCA.
If the current state of the budget appears gloomy, the future could prove to be downright awful. Absent reforms to entitlement programs—especially Medicare, Medicaid, and Social Security—federal spending will skyrocket...
...Moody’s Investor Service today joined Standard & Poor’s in issuing a stern warning that it would likely lower the United States’ credit rating... if Congress does not stabilize the debt-to-GDP ratio and address the coming fiscal cliff.
We are approaching Greece-level debt-to-GDP ratios, even discounting our numerous failed entitlement programs.
I can't state this clearly enough: a few more years like these and collapse is certain.
November looks to be the last chance we have to rescue this society.
Hat tip: BadBlue News.