The Motley Fool Discussion Boards
Retirement Discussions / Retire Early CampFIRE
|Subject: Bruce Bartlett is an idiot.||Date: 12/11/2012 5:32 PM|
|Author: MadCapitalist||Number: 659489 of 864743|
Somewhere along the line in recent years, Bruce Bartlett completely lost his mind. As you may know, he has completely shifted his mentality to a liberal mindset. Every time that I begin to read something that he writes these days, I think to myself, "This is going to be stupid as hell." Well, his streak remains intact.
"On Dec. 3, the Government Accountability Office released new estimates of the federal government’s long-term budget outlook. They show that our real long-term problem is quite different from the one constantly portrayed by congressional Republicans.
As the table shows, spending is not out of control. Entitlement programs like Social Security and Medicare are rising gently as the baby-boom generation retires. All other spending, including that for the military and domestic discretionary programs, falls – with the notable exception of interest on the debt. Interest rises sharply as the deficit rises, principally because the G.A.O. assumes that revenue will not be permitted to rise above its historical average – as Republicans continually insist."
This idiot tries to pretend that the problem is interest expense, and only because tax revenue will not be allowed to increase, which would lead to the accumulation of debt.
However, look at projected non-interest spending as a percentage of GDP:
2030 - 24%
2040 - 25.9%
2050 - 26.8%
2060 - 27.8%
2070 - 28.8%
2080 - 29.7%
That's insane! And he thinks that spending is not out of control? That's just stupid.
|Copyright 1996-2017 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|