Posts Tagged ‘unfunded’

Dallas’ Federal Reserve Bank President Richard Fisher: ‘Cold, hard fact’ that the nation is in the hole $100 trillion for Social Security, Medicare

Monday, June 1st, 2009

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Suppose we decided to tackle the issue solely on the spending side. It turns out that total discretionary spending in the federal budget, if maintained at its current share of GDP in perpetuity, is 3 percent larger than the entitlement shortfall. So all we would have to do to fully fund our nation’s entitlement programs would be to cut discretionary spending by 97 percent. But hold on. That discretionary spending includes defense and national security, education, the environment and many other areas, not just those controversial earmarks that make the evening news. All of them would have to be cut-almost eliminated, really-to tackle this problem through discretionary spending. (more…)