Understanding the long-term forecast for the federal budget

Watch this 2 minute video from Political Math.

Mandatory spending includes entitlements like social security, medicare and medicaid. It also includes payments on the national debt, which Obama intends to grow from about 12 trillion to about 19 trillion. The problem is that mandatory spending is set to skyrocket out of control in the next 8 years, and there isn’t any money available to pay for it.

Attacking businesses and productive individuals just reduces the amounts collected in income and sales taxes. In other words, taxing the rich just lowers government revenues by destroying economic growth. No one gets out of bed in the morning to earn 50% of what they are worth.

Public Debt Outlook
Public Debt Outlook

Click the images to enlarge them.

More charts:

Jobs Lost
Jobs Lost
National Debt
National Debt
Budget Deficit
Budget Deficit

More here.

In short, we’re doomed.

UPDATE: 1RedThread advises that I post the Doom Song.

I was JUST THINKING about 1RedThread a little earlier. I am NOT KIDDING.

This video is so going into the Friday Funny post.

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2 thoughts on “Understanding the long-term forecast for the federal budget”

  1. 2010… stop the outlay of funds, reverse some legislation..

    There’s always hope!

    …or the second coming would work, too…

    Like

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