The United States budget is broken, and broken far beyond fixing. We could cut out all the pork, slash entitlements by 30% and still not have enough money to pay the bills.
There are people who say such dire talk over the budget deficit is just scare tactics. Once the economy turns around, tax revenue will pick up in kind. True, but our profligate spending has long outstripped even the revenue generated in a strong economy. Based on the pre-recession trillion in tax income, we would still be $800 billion in the hole.
Here are the cold numbers: This year we will spend about $3.5 trillion, and take in nearly $2.2 trillion. Read