The American Progressives’ project of erecting a European-style welfare state is over, and it may be ending in default.
Chriss W. Street points out what the country’s real budget looks like (before Obamacare):
The Federal governmentâ€™s spendable tax revenue of approximately $170 billion per month; is roughly just enough to cover legally required Social Security / Medicare payments ($90 billion) and debt service (ranging from $10-40 billon per month) â€“ and the most politically sensitive payments for military and unemployment ($40 billion).
Read the whole thing. He has some good explanations of how we got here.