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How Much Do We Owe?

How Much Do We Owe?

Under current law we have already promised current and future retirees unfunded Social Security and Medicare benefits amounting to $163 trillion in current dollars. That is almost seven times the size of our economy. And of course, all this is “off the table.”  More

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America’s Fiscal Gap

America’s Fiscal Gap

That’s the difference between the federal government’s spending commitments and its income – looking indefinitely into the future. Closing the gap through time requires an immediate and permanent 41.3 percent increase in all federal taxes or an immediate and permanent 35.3 percent cut in all non interest federal spending. More

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House Republicans – Raise the Debt Limit, But Stick to Your Fiscal Guns. Our Country Is Dead Broke!

House Republicans – Raise the Debt Limit, But Stick to Your Fiscal Guns. Our Country Is Dead Broke!

Our country’s fiscal gap is 7.7 percent of GDP. This means we need to collect 7.7 percent more in taxes, every year starting now, to cover all the future spending the CBO projects. Alternatively, we need to immediately and permanently lower the path of federal spending by 7.7 percent of each future year’s GDP. Or we can do neither of these things and dig an even deeper hole for our kids.  More

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