Monday, September 8, 2014

America’s real ice bucket challenge - The Washington Post

Federal debt will reach 74 percent of gross domestic product this year, more than twice what it was at the end of 2007 and higher than in any year since 1950, the nonpartisan CBO found. In a decade, it will hit 77 percent; in 25 years, 100 percent — "a level seen only once before in U.S. history, just after World War II."
What's more, 85 percent of the federal government's spending increases between now and 2024 will be consumed by just three items: Social Security (which will claim 28 percent of the increase), Medicare and other health-care programs (32 percent) and interest on the debt (25 percent). Spending on everything else — military and domestic programs alike — would fall to the lowest proportion of the economy since at least 1940, when such statistics were first collected.

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