Without a change to current policies, by 2050 federal government
spending will exceed 42 percent of GDP. When you include state and
local spending, government would be consuming nearly 60% of
everything produced in this country. Whether financed through debt
or taxes, government that large would represent a crushing burden
to our economy and our liberties. Driving this massive increase in
the size and cost of government are so-called “entitlement
programs,” in particular Social Security, Medicare, and Medicaid.
It may well be “politically convenient” to continue ducking
entitlement reform. But doing so will condemn our children and our
grandchildren to a world of mounting debt and higher taxes.