Recommend reading--
Nine charts tell the story of the United States in 2012. excerpt--
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| graphic source: New York Times |
"The explosion of the federal budget deficit since the turn of the century stems from multiple causes, including huge tax cuts in 2001 and 2003 and rapid spending growth in many areas like defense, and later, the stimulus to combat the recession. But no
budget-busting factor looms larger than the
soaring cost of government-financed health care, particularly Medicare and Medicaid. In addition to driving current and projected deficits, the rise in spending has squeezed the resources available for other domestic programs. Often dismissed as wasteful government spending, these “discretionary” programs include important areas of investment, such as infrastructure, research and development and education. In reducing such investments, we are eating our seed corn."
