Thursday, September 15, 2016

Budget Breakers

Why the Federal budget doesn't work:
The current budget process doesn't work because most laws governing the budget process were set in 1974, according to the report. Back then, government spending was not dominated by programs that pay out funds automatically, such as Social Security and Medicare.

Today, such entitlement programs, along with interest on the debt, account for roughly 60 percent of federal spending. Spending on Social Security, healthcare programs and interest payments will account for four-fifths of spending growth over the next decade, according to the Congressional Budget Office.

The report notes the "extraordinary extent to which future budgets, not just the current budget, have been set in law, putting in place a set of expectations that simply cannot be met.
Unless, of course, you expect them not to...

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