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The Coming Entitlement Tsunami

By Michael Tanner, The Daily Caller - April 9, 2010

Now that we've finished creating a new $1 trillion health care entitlement program, Washington has suddenly discovered that we are facing a crisis with"”surprise"”entitlement programs.

No one should be shocked to learn that government spending is out of control. In fact, last year, federal spending topped 24.7 percent of gross domestic product last year, the highest peacetime percentage in U.S. history. That compares to an historical average of roughly 21 percent. Meanwhile, federal taxes have traditionally run at around 18 percent of GDP. (Currently, they are down around 16 percent as the economic downturn"”though that lower percentage has predictably become fodder for those looking for any excuse to ratchet up tax rates and depress the economy further). Thus, our current budget deficits.

 

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