Bloomberg BusinessWeek has identified the biggest risk in continuing today’s levels of deficit spending for the U.S. government: Barack Obama may lose the advantage of low borrowing costs as the U.S. Treasury Department says what it pays to service the national debt is poised to triple amid record budget deficits. Interest expense will rise…
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Far from being an investment program, Social Security is a pay-as-you-go operation where new revenues are spent immediately and future entitlements are funded exclusively through the promise to tax workers in the future, many of whom haven�t even been born yet. It is taxation without representation in the most cynical sense. The program is…
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