03 March 2010

America On A Path To Bankruptcy

Politico: Budgeting for bankruptcy

From this year’s $1.6 trillion deficit to Medicare’s $38 trillion projected shortfall, our fiscal outlook is clear: America is on a path to bankruptcy. This is no longer news and no longer debatable. What remains in question is, what are we going to do about it?

Washington has long been aware that, unless reformed, our largest entitlement programs — Medicare, Medicaid and Social Security — will go bankrupt and, in the process, deal a crushing blow to our budget and economy.

Both Republicans and Democrats share the blame for allowing this looming crisis to worsen, and the recession and the past year’s explosion of federal spending have greatly accelerated our nation’s day of fiscal reckoning.

We no longer have the luxury of time for simply rehashing the problem; delay means the problem will become worse and more difficult to fix. We need to act.

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