Quick Financial Disaster Update

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The GAO has released a report on fiscal year 2009 with projections for the future that indicate mandatory spending (Social Security, Medicare, Medicaid, and interest on the national debt) by itself may exceed total government revenue by around the year 2020.  At that point, all other government spending – military, education, transportation, etc. – will require borrowing.

If that doesn’t depress/anger you enough, here’s a lovely animation on employment gains and losses over the last five years.

Update: If you need a little cheering up, here’s a nice little article on a recent economics Nobel laureate whose research shows how local solutions are usually better than national or international ones.

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One Response to “Quick Financial Disaster Update”

  1. algerhart Says:

    Scart times Tom.

    That unemployment graphic is down right scary.

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