The current administration is spending 50% of our GDP per year, and that percentage is expected to increase. Our deficit every year is well over the 3% of GDP value considered to be the upper limit on long-term sustainability. The CBO estimates that the President’s budget will bring the national debt to 90% of the nation’s GDP by 2020. The Greek debt at the time of the country’s economic collapse was around 120% of that country’s GDP.
The numbers don’t lie. Even without adding any more of the spending bills that the Democrats in Congress have lined up, we are already less than 13 years away from an economic crisis that we can’t tax our way out of. The largest economy in the world cannot support even its current welfare state, let alone the one that the Democrats want.
It is mathematically impossible to sustain our massive government much longer. It’s time to start slashing down the welfare state. If we don’t, in a little over a decade we will be where Greece is now, except we won’t have anyone to bail us out.