Why America Is Going Broke

Why America is Going Broke (Wall Street Journal, requires subscription)
Since the end of WWII, federal tax revenue has grown 15% faster than national income - while federal spending has grown 50% faster. All - yes, all - of the increase in federal spending relative to GDP over the past seven decades is attributable to entitlement spending. Since the early 1970s, entitlements have been the federal budget's largest spending category... and the primary cause of chronic budget deficits. Financing this spending will require either record levels of taxation or debt.

Prior to Covid-19, we had no way to pay for these entitlements. With Covid-19, our problems have all taken a steroid injection. In 2020, we created more money out of thin air than ever in our history. Politicians would like you to believe that this money doesn’t come with a price, but are you really that clueless? Every dollar we spend today has to be paid for some other day in the form of taxes. Isn’t it increasingly likely, maybe even inevitable, that we are going to see significantly higher taxes in the future, decreased benefits, or both? Do you have a strategy to address this probability?