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Richard's Remarks

 

Everybody's worried about the fiscal cliff. But there's a much bigger cliff coming up, and it's the "Entitlement Cliff." In the four years since Obama took office, entitlement participants have grown exponentially.

 

Medicaid has grown from 46 million to 56 million people.

 

Disability beneficiaries have grown from 7.5 million to 8.8 million people.

 

Food stamp recipients have grown from 32 million to 47 million.

 

On top of the above, about 40 million Americans age 65 or older on Social Security and Medicare are receiving benefits. Add the numerous smaller entitlement programs to the total and the expenses are mind-boggling. All together, half of the nation now receives entitlements. On top of the massive entitlements programs, we have the interest on the Federal debt, which is currently $220 billion.

 

One danger will come from the "bond vigilantes." As they survey the nation's entitlement situation, they are going to want higher interest payments on Treasuries. This ... Log in or subscribe to continue reading.


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