Balance Sheet: Observations of Last Ten Years
e Unfunded promise of future entitlement spending grew 6x to -$31 trillion, owing to rapidly rising healthcare cost + new Medicare Part D program + aging population in the medium-future.
e Federal net debt outstanding more than doubled to $9 trillion on the back of chronic budget deficits, two major recessions in 2001 and 2008, and growing entitlement spending.
e Federal employee & veteran benefits outstanding also more than doubled, to $5.7 trillion, thanks to rising healthcare costs and ongoing
war on terror.
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