Sunday, July 11, 2010

A Thelma and Louise moment

Our debt crisis is thus essentially an entitlement crisis. When the unfunded liabilities of these programs are added to the gross debt, the figure rises from $13 trillion to a mind-blowing $60 trillion. So grossly underfunded are these programs that the CBO estimates Congress would have to raise the lowest marginal-income-tax rate from 10 percent to 26 percent, the 25 percent rate to 66 percent, and the 35 percent rate to 92 percent, to close the gap.
Pay up!

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