A friend of mine recently sent me this video. I couldn’t believe what I heard so I sent it to another friend of mine, much smarter than myself, and asked if this was possible. He responded with the following:
“It is partially true. But entitlements can be cut. The social security age is being raised. In addition, it assume there will be no increase in revenue. Revenue can be increased by tax rate increases and/or a growing economy. If you have 8% unemployment or greater, you have less income tax revenue and less payroll tax revenue.”
I can’t see the economy growing that much to make an immediate difference in these figures. I may be wrong, but as things stand right now, the numbers spoken about in this video are frightening.
