The Challenge Before Us
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The Challenge Before Us
Policymakers, businesses and citizens need to share responsibility for
past failures and develop a plan for future successes.
Past generations of Americans have responded to major challenges
with collective sacrifice and hard work.
Will ours also rise to the occasion?
KP
i USA Inc. | Summary 447
Current Observations About America...
¢ On many fronts, USA Inc. is in great shape, but it has one big problem —
USA Inc. spends too much and, in effect, is maxing out its credit card. USA
Inc. must address the problem.
° In 2009, 64% of America’s revenue went to Social Security, Medicare &
Medicaid, compared with 31% in 1980 and 20% in 1970.
¢ Using current projections, 100% of America’s revenue in 2025 will go to Social
Security, Medicare, Medicaid and Net Interest Expense.
¢ This raises the question, ‘How will America pay for the likes of education,
national defense, homeland security, infrastructure improvement, R&D, law
enforcement, postal service, etc.?’
¢ USA Inc.’s fundamental tradeoff is that it must balance its FUTURE
(education) with its PRESENT (national defense & homeland security) and
its PAST (Social Security & Medicare & Medicaid).
Source: 2009 data per White House OMB, 2025 forecast per CBO’s Alternative Fiscal Scenario.
a USA Inc. | Summary 448
HOUSE_OVERSIGHT_021065
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