The Coming Entitlement Meltdown
March 5, 2007
David Walker, Comptroller General at the Government Accountability Office, appeared on the show �60 Minutes� last evening to discuss the federal budget outlook. If you saw the show, you know that he painted a very sobering picture regarding the federal government�s ability to meet its future obligations.
If you didn�t see the show, Mr. Walker�s theme was simple: government entitlement spending is like a runaway freight train headed straight at American taxpayers. He singled out the Medicare prescription drug bill, passed by Congress at the end of 2003, as �probably the most fiscally irresponsible piece of legislation since the 1960s.�
When it comes to Social Security and Medicare, the federal government simply won�t be able to keep its promises in the future. That is the reality every American should get used to, despite the grand promises of Washington reformers. Our entitlement system can�t be reformed- it�s too late. And the Medicare prescription drug bill is the final nail in the coffin. Click here for more.