ObamaCare and American Power
A lot has been written about the impact of ObamaCare on health care and the economy.
I am worried about its impact on our global power.
The United States currently spends roughly as much on defense ($661 billion in fiscal year 2009) as the rest of the world combined.
But that’s a pittance compared to what we spend on three major entitlement programs—Social Security, Medicare and Medicaid. Combined, they cost $1.38 trillion or almost 35% of the budget, compared with 17% for defense.
And entitlements will only grow dramatically.
The current unfunded liability for Social Security and Medicare, according to the 2009 Social Security and Medicare Trustees Report, is nearly $107 trillion—seven times the size of our economy.
It’s hard to remember now, but there was a time when the federal government spent most of its money on the armed forces.
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