The extreme Left lives in the world of fantasy
Truth is their worst enemy
Anyone that believes we are just a few taxes away from fixing it, is delusional
Three Little Pigs: How Entitlements Will Destroy Us
In the next few years, our major entitlement programs, in particular Social Security and Medicare, will begin to run cash-flow deficits, adding hundreds of billions each year to the debt. In fact, Social Security's total unfunded liabilities top $15.8 trillion, and depending on what accounting measure is used, Medicare's future shortfall could exceed $100 trillion.
Nor can you tax your way out of debt. Eliminate all of the Bush tax cuts, including the tax cuts for low- and middle-income Americans, and you would reduce the debt by perhaps 10% assuming you didn't cripple the economy in the process. Tax the rich? That won't get you there either. In fact, according to the Congressional Budget Office, in order to pay for all currently scheduled federal spending would require raising both the corporate tax rate and top income tax rate from their current 35% to 88%, the current 25% tax rate for middle-income workers to 63%, and the 10% tax bracket for low-income workers to 25%.
The debt fallout: How Social Security went cash negative earlier than expected
- This year, it will add a projected $46 billion to the nations budget problems, according to projections by system trustees. Replacing cash lost to a one-year payroll tax holiday will require an additional $105 billion. If the payroll tax break is expanded next year, as President Obama has proposed, Social Security will need an extra $267 billion to pay promised benefits.
Just raise taxes will fix, that's right up their with Hope and Change
Of course, if anyone talks about the real reforms that are needed, the Left goes insane
What irresponsible fear-mongering, sad how the Left will endanger the whole program to just score political points