Fixing a Fiscal Fiasco
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- NankinYP
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more from News:
http://www.ypnation.net/blogs/fixing-fiscal-fiasco
Just hours before YPNation's inaugural event, at which young leaders will debate the sustainability of our current fiscal policy, New America's Marc Goldwein previews his argument.To slow the bleeding, will take sacrifice, he says. And a lot of it won't be pretty. In other words, it's going to hurt.
"We all agree the United States is not on a sustainable fiscal path. If we continue down our current policy trajectory, debt will reach 100 percent of GDP in the early 2020s, 200 percent in the 2030s, and 800 percent by 2075.
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So what do we do to avert a debt crisis?
Well for one, we go after the drivers. Projected Medicare, Social Security and Medicaid growth (in that order) are responsible for most of the future deficit picture. And their growth is being driven by a combination of an aging population and rapid increases in economy-wide health care costs."
