Friday, June 03, 2011
The Gates Farewell Warning - WSJ.com
This article is about spending for defense.
Inside the article are some statistics, comparisons and a graph that are quite revealing...
Inside the article are some statistics, comparisons and a graph that are quite revealing...
It's all on the Wall Street Journal website:
"The American entitlement state was born with the New Deal, got fat with the Great Society of the 1960s and hit another growth spurt in the first two years of the Obama era. The big three entitlements—Social Security, Medicaid and Medicare, plus other retirement and disability expenses—accounted for 4.9% of GDP by 1970, eclipsed defense spending in 1976 and stood at 9.8% as of last year. Under current projections, entitlements will eat up 10.8% of GDP by 2020, while defense spending goes down to 2.7%. On current trends, those entitlements will consume all tax revenues by 2052, estimates Mackenzie Eaglen of the Heritage Foundation."
