America’s middle class is getting what it’s voted for over the last fifty years — government entitlements so burdensome that they’ll drag the entire country into bankruptcy within a generation:
[C]onsider that in 1970 — just a few years after Medicare’s enactment — the defense budget stood at 8.1% of the nation’s economic output, as measured by GDP. Combined spending on Social Security, Medicare, and Medicaid, meanwhile, stood at 3.9% of GDP. But in 2019, almost a half-century later, defense is expected to fall to about 5% of GDP, while the big three entitlement programs will approach 12%. By 2050, they will exceed 18% of GDP — which is about the historical average of total revenue collection each year. The U.S. government, like GM today, will then be mainly in the business of providing health and pension benefits, and will struggle to perform its other basic functions — maintaining a standing army, for example — on the side.
The author of the article goes on to suggest potential steps we might take to avert disaster, but my own view is that the looming crisis is planned (where’s my foil hat?). American wealth and independence must be suborned to the coming global government and the best way to convince people to allow more intrusive government is to take away their sense of security.
It’s a brilliant play. The elites have fostered dependence on government handouts not just among the poor, but among the middle class as well. As the boomers retire and begin to draw on Social Security, the federal budget will collapse unless drastic changes are made — and, humans being what we are, we’ll want those changes to happen to someone else.