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Reform Entitlements to Control Spending

According to the Heritage Foundation’s 2008 federal revenue and spending book of charts, “entitlement reforms are needed to control spending.” They go on to explain:

“If tax revenues are kept near historical levels but entitlement spending remains on autopilot, federal spending will soar to nearly 80 percent of GDP over the long term, while interest payments alone will exceed 40 percent of GDP. Within two generations, total spending will be 42 percent of GDP. To prevent the economy from reaching this unsustainable point, Medicare, Medicaid, and Social Security must be modernized so that they do not impose such a tremendous burden on future generations.”

For our tax-and-spend political overseers, the following chart shows “spending as a percentage of GDP under (Congressional Budget Office) alternative baseline” for 2000 until 2050 (see the book of charts at the above link to see the full chart, which runs to 2082):

         

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