Debt deal: Politicians win, middle class loses

posted by
August 2, 2011
Cato Institute
by Daniel J. Mitchell  
Posted in Commentary

"America is on a path to becoming a Greek-style welfare state. Thanks to the Bush-Obama spending binge, the burden of federal spending has climbed to about 25% of national economic output, up from only 18.2% of GDP when Bill Clinton left office. But that's just the tip of the iceberg. Because of a combination of demographic forces and poorly designed entitlement programs, federal spending could consume as much as 50% of economic output by the time the baby boom generation is fully retired." (08/02/11)  


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