US Taxes to double by 2040
We, the somewhat recent alums, recent alums, and current students will endure a country where the only way to balance the federal budget is to cut spending by 60 percent, or raise all taxes by 2 times.
Who sounding the wake-up call? Our Comptroller General, David M. Walker. He is the nation's accountant and is the Director of the Government Accountability Office (GAO). His position is appointed to a fifteen-year term with the advice and consent of the Senate. Mr. Walker was appointed by President Bill Clinton in 1998. His term will end 2013.
Ever since 2000, he has warned the federal government that excessive spending will jeopardise the nation's economy and its national security. He has stated that net social insurance commitments and other fiscal obligations have surged from $20 trillion to $50 trillion, which is quadruple this country's total economic output. Much of it is attributed to rising health care costs.
Also, here's the link to the current national debt, as calculated by the Dept of the Treasury. We just passed $8.6 trillion. It was a little under $8 trillion back in September 2005. Under $7 trillion in 2003. Under $5 trillion back in 1995.
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