That is, we are broke:
After building a true budget baseline, the sobering result shows ten-year deficits of $13 trillion. The annual budget deficit never falls below $1 trillion. By 2019, the debt is projected at $22 trillion, or 98 percent of GDP. . . .
The numbers are truly staggering. Between 2009 and 2020, the national debt would increase by $130,000 per household. By 2020, net interest alone would cost $1 trillion – one-quarter of all tax revenues. Federal spending would reach 25.9 percent of GDP, shattering the post-war record. And these estimates do not include the cost of the president’s health-care and cap-and-trade proposals. His spending agenda — which would be unaffordable even in good budget times — is completely unrealistic given this sea of red ink.