Entitlement Programs Will Devour the Federal Budget

By Ray Pinard | October 23, 2013

Here’s another interesting article from FreeEnterprise.com

As Congress and the administration continued to be at loggerheads over re-opening the government and raising the debt limit, Nial Ferguson in the Wall Street Journal warns that “the fiscal position of the federal government is in fact much worse today than is commonly realized.” He explains:

True, the federal deficit has fallen to about 4% of GDP this year from its 10% peak in 2009. The bad news is that, even as discretionary expenditure has been slashed, spending on entitlements has continued to rise—and will rise inexorably in the coming years, driving the deficit back up above 6% by 2038.

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Originally published October 2013. Reprinted by permission, freeenterprise.com, October 2013.
Copyright©2013, U.S. Chamber of Commerce.

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