What Are We Leaving For Our Grandkids?
I found this chart at the OMB.
“Mandatory” spending consists of entitlement spending. By the time my kids are retired spending on entitlements will amount to 20% of the economy. The money spent on entitlements will lead to massive deficits and massive interest costs. Discretionary spending (defense, law enforcement, etc) is projected to remain about the same percentage of our economy.
Of course the leftists will say we should raise taxes so we don’t have the deficits. Raising taxes will not raise more money. It would instead diminish economic growth (a huge factor over this time period) and result in less taxes and more need.
Need proof, even though our tax rates our lower than Europe our per capita tax paid is much higher.
The thing to do is cut the strings to the nanny state now. Expect people that are able to to take care of themselves. Let us keep our money to save for our retirement.
Let’s keep the government lean and mean and we’ll leave a much better world for our grandchildren!
