And fear of the lion by federal elected officials - the only ones who can tackle the long-term debt - is keeping pace with spending on entitlements for the elderly. This is a terrible way to run a country.
So-called mandatory spending is consuming two thirds of the budget and most of it is on automatic pilot. We will double the number of Americans over 65 within 20 years as 10,000 baby boomers retire every day.
Defense, medical research, and spending on the young are being cut to fund benefits for the elderly. We are facing the oft-repeated dilemma of the welfare state, i.e., guns versus butter and butter wins every time because it has more constituents. We just have to look at Europe and see our future. Unless we reform the entitlement programs--especially Medicare--we will bankrupt ourselves. It is the biggest driver of our debt.
