"It profits me but little that a vigilant authority always protects the tranquillity of my pleasures and constantly averts all dangers from my path, without my care or concern, if this same authority is the absolute master of my liberty and my life."

--Alexis de Tocqueville, Democracy in America

Tuesday, June 7, 2011

More Gloom, and Why The Only Prescription is More Paul Ryan

Here is something gloomy to make your day:
The federal government's financial condition deteriorated rapidly last year, far beyond the $1.5 trillion in new debt taken on to finance the budget deficit, a USA TODAY analysis shows.  The government added $5.3 trillion in new financial obligations in 2010, largely for retirement programs such as Medicare and Social Security.  That brings to a record $61.6 trillion the total of financial promises not paid for.  This gap between spending commitments and revenue last year equals more than one-third of the nation's gross domestic product.
And the Democrats think Paul Ryan's plan is extreme?   I'd say it's a parachute handed to a man falling off a cliff.  

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