Projected deficits "unsustainable"

[unixronin]

So saith the latest report from the Congressional Budget Office.

Comments

[lebo-superman.livejournal.com]

I've believed it was "unsustainable" ever since I first learned (about 4-5 years ago) that the predictions were for Social Security and Medicare alone to equal roughly 18-20% of the total DGP by 2040. Since our current total government spending currently equals roughly 18% DGP, that means we can't afford the 2040 government expenses without at least doubling the taxes collected from all wage-earning Americans. This may be one of the reasons Bush was pushing so hard for amnesty for illegal aliens - financially we need those additional 12 million payroll tax contributors.

[unixronin.livejournal.com]

On the other hand, the additional tax revenue from 12 million mostly minimum-wage or close-to-minimum-wage workers (at least to start with) is going to be insignificant, even assuming the net revenue isn't negative.

[lebo-superman.livejournal.com]

I accept that - nobody can accuse Washington of being far-sighted.