Geithner: In ten years entitlements will eat 92% of budget
Timothy Geithner, Obama’s own Treasury Secretary, says that within 10 years just the three biggest entitlement programs — Medicare, Medicaid, and Social Security — plus interest on the national debt--will consume 92 percent of the federal budget. That leaves just eight cents of every tax dollar to fund everything else government does--defense, national parks, food inspection, everything.
And note that the guy who made this frightening forecast isn't some wacko conservative but Obama's own hand-picked head of the Treasury Department. You'd think he'd be putting the best possible spin on things to help his boss win re-election.
Imagine the federal government closing 92 percent of its offices. Hopefully someone will do a bit of triage and decide to cut NPR, NEA, the DOE, ATF, NASA and EPA first, and use the savings to keep our armed forces going as long as possible.
But somehow I doubt any Democrat will be that prudent. In fact I imagine the last budget item the president and congress preserve will be the fleet of limos that whisk them to and from various destinations in D.C.