We need a new word. Deficit doesn’t really cover the magnitude the Fed. Gov. is dealing with.

by wfgodbold

Don Surber illustrates the cuts the GOP and the Dems are haggling over in the graph I’ve reproduced below.

I don’t really know what to say. We have to cut spending. We could jack taxes up, and it wouldn’t make much of an impact on how much revenue the government brings in; the only real solution is cutting spending.

And not a token amount like what the parties in Washington are quibbling over; we need deep cuts, and they’re going to have to come from entitlements. Last year, entitlements were more than 50% of all government spending, and as boomers retire, it’s only going to get worse.

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