Our country is bankrupt. It’s not bankrupt in 30 years or five years. It’s bankrupt today.
Want proof Look at President Barack Obama’s 2010 budget. It shows a massive fiscal gap over the next 75 years, the closure of which requires immediate tax increases, spending cuts or some combination totaling 8 percent of gross domestic product. To put 8 percent of GDP in perspective, this year’s employee and employer payroll taxes for Social Security and Medicare will amount to just 5 percent of GDP.
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