On January 28, 2015, Congressional Budget Office Director Douglas Elmendorf gave the office’s budget outlook projections to the U.S. Senate Committee on the Budget. In short, he reported the following (emphasis added by yours truly):
When CBO last issued long-term budget projections (in July 2014), it projected that, under current law, debt would exceed 100 percent of GDP 25 years from now and would continue on an upward trajectory thereafter— a trend that could not be sustained. (The 10-year projections presented here do not materially change that outlook.) Such large and growing federal debt would have serious negative consequences, including increasing federal spending for interest payments; restraining economic growth in the long term; giving policymakers less flexibility to respond to unexpected challenges; and eventually heightening the risk of a fiscal crisis.
Ladies and gentlemen, I may have reached room temperature by 2025, but certainly my sons and their children, God willing, will not have. They will have no choice but to deal with the consequences of the massive debt being racked up by an out of control government. I, in no way, want to leave that impossible task for those that follow me.
Things have to change, folks, sooner rather than later. If we don’t grab that powerful financial bull by the horns now, it will be free to run roughshod over our economy and our lives later.
In this citizen’s opinion, it is not necessary for the federal government to protect me and mine from any and all pitfalls that may come our way. I do not need to be cautioned that the cup o’ joe I purchase from Mickey Dees is HOT. I do not need to know, much less pay for, a study on the sex life of a gnat. I do not have to have a vehicle that attains 50 miles per gallon of gasoline, without expelling pollutants that will kill me. I’m not concerned about the supposed “Global Warming” that will produce (insert your favorite catastrophe).
As the middle class shrinks, the number living in poverty balloons, and more and more are crying for help to survive, this protection from cradle to grave nonsense has to come to a halt. Even now, 47% of Americans are on some sort of governmental support. It is impossible for one-half of us to support the balance of our population. It just doesn’t add up.
As the commercial asks, “What’s in Your Wallet?” Take a look, then send it in.