We have been warned yet again about the fiscal gap that is widening every second as this country continues to borrow and promise.
Let me get right to the point. Our country is broke. It’s not broke in 75 years or 50 years or 25 years or 10 years. It’s broke today. Indeed, it may well be in worse fiscal shape than any development country, including Greece.
And that gap is growing by $5 trillion a year, not the paltry half trillion the CBO reports. He likens the national debt — the real national debt — to a gigantic federal credit card on which the government is making less than minimum payments every month: “If we fail to pay [even the interest on it], the fiscal gap will get larger.”
In 2003, the fiscal gap was $60 trillion, but today, thanks to profligate politicians concerned only about the next election, that gap has nearly quadrupled. Increases in social programs and, especially, the prescription drug expansion bill President George W. Bush signed into law in 2003, have accelerated the country’s fiscal gap to mind-numbing size.