Federal spending as a percentage of GDP > 25%.
Correlation between rising entitlement spending (Medicare, Medicaid, Social Security) and falling personal savings rates = 82%.
USA’s total Technology R&D spending as a percentage of GDP is <3%.
3%. That’s combined private and public sector!
How are we supposed to create new industries and products, and thus well-paying jobs, if we aren’t investing in our future?
The US now spends more on health care than education. Part of that is due to an ageing population, sure, but how are we going to remain competitive if we don’t invest in our future?
How are we supposed to pay for all these entitlements that are coming our way in the form of increased life expectancy in Baby Boomers and those that follow?
America, the Pied Piper is coming.
It won’t be pretty.
Your taxes are going to go up. It’s the only way we can meet all these obligations. There’s simply no other way.