In a new report released last week, the Congressional Budget Office (CBO) said that the federal budget is on an "unsustainable path." The reason: The government is spending more and more for healthcare programs and for interest payments on the federal debt, now topping $9 trillion.Recall Bush is the biggest spending president in the last several decades. Makes one wonder what all that "small government is best" stuff was about. And perhaps the most worrisome item to the exploding debt: our healthcare system. Yet the Republicans want nothing to do with reforming it, instead remaining a slave to insurance and pharma lobbyists, maintaining the status-quo so the rich get richer on our tax dime. Oh, and let's not forget the wars without end, with the CBO estimating at a cost of $2.4 trillion -- when all is said done, likely to be well north of $3 trillion.
The CBO estimates that the wars in Iraq and Afghanistan could cost $2.4 trillion over the next decade. Nearly $700 billion of that cost will be interest on the debt to finance the wars.
It's a cost that's largely invisible to the public now, but will be much more evident as interest rates increase.
Our kids future be damned. Absolute madness.