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Growth in Federal Spending

This chart, using numbers from the Congressional Budget Office, shows the long-term budget outlook. No, it's not pretty. Without entitlement reform soon, spending will begin to skyrocket, eventually forcing massive tax increases to levels far above the historical average. The result would be economic stagnation. Note that CBO projects that discretionary spending, in purple, will hold steady after 2010 and that defense spending, in violet, will actually decline to a small sliver of total spending. If you don't buy these assumptions, then the problem is, in reality, even worse than it appears here.

Social Security Can't Pay Promised Benefits
A History of Payroll Tax Increases
Fewer Workers, More Retirees
Seniors Are Living Longer
Americans Are Getting Older
The Trust Fund

Growth in Federal Spending
Real Returns for Private Investments
The Retirement Iceberg Is Approaching
To Pay Scheduled Benefits, Payroll Taxes Would Have to Increase Over 50%
Delay Increases the Cost to Fix Social Security
Drastic Benefit Cuts When the Trust Fund is Exhausted
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