Financial expert: Entitlement spending by 2019 will eclipse tax revenue
The U.S. is experiencing one of the longest economic recoveries since the 1960s and could be teetering on recession, as interest on our debts continue to accrue and as entitlement spending continues to balloon over the next three years.
The weakest recovery in modern history has stretched on for 69 months…
Sometime in 2019, entitlement spending, defense, and interest will consume all the tax revenues collected by the US government. That means all spending for everything else will have to be borrowed.
The CBO projects the deficit will rise to over $1 trillion by 2023. By that point, entitlement spending and net interest will be consuming almost all tax revenues, and we will be borrowing to pay for our defense.
We are at a breaking point; it’s time for lawmakers to act swiftly and get our financial house in order. Click here to help Tea Party Patriots urge legislators to stop the spending and balance the budget!