By Tyler Durden of ZeroHedge
In a country in which the aging population wants their (10,000 kcal) cake, and the diabetes treatment for free too, the chart below is what happens.
Bank of America explains:
Where’s the budget problem: The rapid growth in federal spending largely reflects increases in spending on mandatory programs, particularly the major health care programs — Medicare & Medicaid — and Social Security. As a share of GDP, total spending on these programs would rise to 14% of GDP by 2038. That is twice the 7% average of the prior 40 years.
Furthermore, as we have shown previously, anyone preaching about a "stable" 75% debt/GDP should probably first look at the following public long-term chart from the CBO.
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