Why Our Deficit’s Dangerous

The U.S. debt is over $14 trillion, with the federal budget

deficit over $1.4 trillion. Add to that the liability of the federal government for Social Security, Medicare, Medicaid and prescription drugs and you have an estimated deficit ranging between 60 and 100 trillion dollars.

Entitlements now account for almost 60 percent of federal outlays.

Every year, non-discretionary spending eats up more of the federal budget.

But over the past 30 years, U.S. tax revenues have averaged 18 percent of the GDP with spending, about 30 percent of the GDP.

Defense spending, which is called discretionary, approximates $685 billion.  So, even if eliminated, would not solve the huge deficit problem.

And despite what the left loves to say about the uselessness and waste of U.S. defense expenditures, it returns immeasurable benefits in the form of global economic prosperity, freedom and security.(See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)