Deficit’s Misunderstanding by Voters

              

The U.S. announced debt is completely out-of-control 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.

                                        

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, even if eliminated, would not solve the huge deficit problem. And despite what some politicians love 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.

Budget deficits, however, still don’t scare voters sufficiently. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)