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December 6, 2012

IBD: U.S. Can't Avoid The Entitlement Cliff By Raising Taxes

Topics: Political News and commentaries

According to a new government report, America is heading toward fiscal ruin, and the only way to avoid that is to make deep cuts in entitlement programs; tax hikes can't fix the problem. This means that what's needed is the opposite of what the Obama administration and congressional Democrats propose as part of the fiscal cliff talks:

The Government Accountability Office report found that, even using optimistic assumptions about spending, the government is "on an unsustainable long-term fiscal path" that will lead to debt exceeding the economy within a few decades.

The report puts the blame squarely on entitlement programs -- Social Security, Medicare, Medicaid and, now, ObamaCare -- whose budgets are driven up by an aging population and rising health costs.

The report also makes it clear that tax hikes can't possibly solve this crisis.

Even if all the Bush tax cuts expire at the end of this year -- something Democrats say they won't want to happen -- entitlement spending would still be on track to consume almost all federal tax revenues, leaving nothing for defense, education, law enforcement or anything else, within a few decades.

More here.

Meanwhile, having already put our country ever deeper in debt, given us an economy that's essentially stagnant (the lowest annualized GDP gain of any President since Herbert Hoover), and an unemployment rate of 7.9% - and likely to leap to over 10% given the current business environment, our 'redistributor-in-chief' prefers to focus on class-warfare, humiliating the GOP, demanding unlimited power to increase the national debt to infinity, pushing ever-increasing government spending (yes, another 'Keynesian stimulus'), and essentially doing absolutely nothing about our national debt and unfunded liabilities.

But this is what America just voted for, right! Absolute, unabated fiscal ruin and insolvency.

Our 'gimme dat' culture is getting what it deserves. Unfortunately, the rest of us are going down with them.

Posted by Hyscience at December 6, 2012 10:25 AM

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