January 08, 2004

Our Governments spending spree, mixed with entitlement programs

Granted, a bunch of euro-weenies from the laughable International Monetary Fund (IMF) came up with this report, but if there is any truth to the below quote.... we're fucked:

"But the IMF researchers said that won't be enough to address the government's long-term fiscal problems - including financing the Social Security and Medicare programs over the next 75 years. In their report, they said the government faces a $47 trillion shortfall in its ability to pay for those and all other long-term obligations. Closing that gap would require 'an immediate and permanent' federal tax increase of 60% or a 50% cut in Social Security and Medicare benefits. "

File this under: Ouch.