I read a great article in Time about some very serious financial issues that will most likely present themselves in debates as we approach November. Sivy wrote the article- click here to check it out. Here is a skeleton of the main points-
Our current financial spending is unsustainable and delaying policies necessary to move us toward a more fiscally sound path will prove to be disastrous and unpalatable in the next 10-25 years. Here are Sivy's six issues that need to be dealt with:
1. National debt (currently at 81%). will reach 93% in 10 years, 200% in 25 years.
2. Taxes: cutting taxes for middle class and bringing back Clinton-era taxes on wealthy people will reduce deficit by 10% in 10 years.
3. Social security: the trust fund will be completely exhausted in 25 years. Social security taxes only cover 75% of the benefits promised.
4. Pension funds: they're over-promising and not delivering.
5.Medicaid/Medicare
6. Defense: 900 trillion currently (5.5% of GDP).
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