|Image from fitfinity.net|
For many years it has been painfully apparent to anyone who cares to face facts that entitlement spending, especially on health care, is on a growth path that will eventually require enormous tax increases to sustain. Yet thus far, any efforts to either restructure entitlements or raise the taxes needed to pay for them have run into a buzz saw of hostility from the electorate.
There seems to be some kind of widespread delusion that a small tax increase on the rich, combined with cuts in not-very-important spending categories will somehow deliver us from fiscal ruin. There is little appetite for the cuts in military and entitlement spending necessary to bring America's books toward balance.