Flying under the radar this past week was a new government report that forecasts that the national debt will double over the next decade. The White House has projected a cumulative $9 trillion deficit between 2010 and 2019, while the Congressional Budget Office estimates a more optimistic $7.1 trillion, based upon the expiration of Bush tax cuts. What this means is that Washington's out-of-control spending likely will turn the nation's already-staggering $11 trillion in debt into an astronomical $20 trillion.
But there are at least two ginormous expenses that are excluded in these projections. First, the projections from both the White House and CBO incorporate their belief that the deficit will decline quickly over the next three years, as they assume fewer bailouts are needed and the economy will grow rapidly. But isn't there also the real possibility that the economy will not recover as quickly as they hope? Every additional bailout or stimulus (large or small) and every margin of error in their three-year prospective climb out of the economic pit will inflate our nation's debt balloon even more.
The second expense is far less speculative -- and it has to do with about a fourth of America. The 72 million baby boomers (people born in America from 1946 to 1964), members of the largest generation America has produced, are going into retirement over the next two decades and will face the golden years of declining health and rising medical costs. Under current law, if the government were to add the projected baby boomer costs of Medicare and Social Security to its debt tab, it would send deficit projections into the abyss.
Join the U.S. Navy and Proud Americans in Warning: "Don't Tread on Me"
Flags bearing rattlesnakes and bearing the simple warning "Don't Tread on Me" were first flown on the first ships of the Continental Navy in the Delaware River in 1775. Today, this historic symbol of our founding has emerged as a reminder of our origin and true courage. U.S. Navy ships are flying the First Navy Jack in place of the Union Jack for the duration of the Global War on Terrorism. Click here now to get your special edition First Navy Jack Flag
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