These taxes are going up, sooner or later
Budget softies argue there’s no need to worry about a federal money crunch now, since Washington’s annual deficit is falling, the economy’s picking up, and the Treasury can still borrow at remarkably low rates. All true. But barring an economic miracle, the coming crunch is a matter of simple math. The soaring cost of entitlement programs is already crowding out other types of spending, and the mass retirement of the baby boomers is going to drain Social Security and Medicare for good, if nothing changes. Read more…