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on November 20, 2008 11:28 AM
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Published in : The News, Echo |
I hope that gives you some idea of just how large the problem is. And just to drive an important point home, these spending cuts or tax increases would need to be made immediately and maintained in perpetuity to solve the entitlement deficit problem. Discretionary spending would have to be reduced by 97 percent not only for Rocket Trader our generation, but for our children and their children and every generation of children to come. And similarly on the taxation side, income tax revenue would have to rise 68 percent and remain that high forever. Remember, though, I said tax revenue, not tax rates. Who knows how much individual and corporate tax rates would have to change to increase revenue by 68 percent?
If these possible solutions to the unfunded-liability problem seem draconian, its because they are draconian. But they do serve to give you a sense of the severity of the problem. To be sure, there are ways to lessen the reliance on any single policy and the burden borne by any particular set of citizens. Most proposals to address long-term entitlement debt, for example Trade the Forex Markets With No Guess Work, rely on a combination of
tax increases, benefit reductions and eligibility changes to find the trillions necessary to safeguard the system over the long term. Rich Tricks
Last update : November 20, 2008 11:28 AM
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