Jim Rubens on Budget & Economy

Don't put staggering burden of debt on our grandchildren

The Obama-Shaheen tax hike on the rich plus spending sequestration [will result in 5 years in] annual deficits coming down into the still untenable $400 billion dollar per year range.

By time my son expects to retire in 2062, federal spending will consume over half the output of the entire US economy. Federal debt will amount to 500% of GDP. Just twenty years from now, Social Security and federal medical programs alone will consume over 80% of tax revenues.

Obviously, we cannot expect our children and grandchildren to tolerate these staggering burdens. We cannot wait another six years before transitioning into responsible changes. Politicians as usual will not cut it. Making these changes will require both candidates and elected officials to get really brave and to engage the public in discussion of solution options starting now.