This illustrative chart from the House Republicans certainly shows what a massive spending problem Washington has. A few thoughts:
1. More and more, Democrats and liberals don’t buy CBO analysis showing a huge future increase in Medicare spending.
2. I am not sure that the green section, revenue, doesn’t need to tick up at some point.
3. Notice how spending escalates early in the next decade. That explains why Obama never offers a long-term budget plan. If he did, the game would be up. The need for middle-class tax hikes would be evident — hello value-added tax –or else modernization of the welfare state: premium support Medicare reform, consumer-driven healthcare, etc.
4. Oh, and Medicare reform should start ASAP, not a decade from now.
5. To paraphrase Soren Kierkegaard, “We are like spectators in a theater who applaud the announcement — and repeated announcement — that the building is on fire.” Time to fix the debt.