Heavy Lifting - thoughts and web finds by an economist
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Monday, November 03, 2008
From This CRS report concerning the Federal Debt:
Increases in gross debt as a percentage of GDP as a result of intragovernmental debt are a significant concern over the long run. In their 2008 report, the Social Security trustees projected that in 2017 the Trust Fund will begin to owe more benefits than what it collects in payroll taxes.33 As the Trust Fund begins to redeem its Treasury securities in order to pay benefits to retirees, additional strains on the budget and debt levels will be created as large amounts of money from general revenues are needed to fund these Social Security benefits. In addition, the funds from the surplus currently being used by the government to fund other programs will no longer be available, putting strain on the funding for these programs.
How about this graph:
Boys and Girls, the green line and the blue line are heading in the wrong directions.
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