The Science Fiction Referred To As The Federal Budget

Investors.com posted an article on Thursday about the federal budget and its looming deficits.  It included a chart:

This is what our deficits look like in the future.  The article points out that by 2020 our national debt will be $20.3 trillion, an increase of 171 percent in ten years.  Last year, debt as a share of our Gross National Product was 53 percent; by 2020 it will be more than 90 percent. 

The article points out the coming tax increases:

"The increases include: $843 billion for a cap-and-trade energy tax; $743 billion for health reform; nearly $1 trillion in taxes on upper-income families and small businesses; $468 billion on banks, multinationals and virtually all other businesses; and miscellaneous proposals that would add $111 billion to America's tax bill."

Unless someone in Congress has the courage to put the brakes on the spending proposals of the current administration, we can expect our children and grandchildren to pay a much higher percentage of their income to the government than we do now.  We can expect unemployment to remain at 10 percent or above, and we can expect our children and grandchildren to wonder why the economic opportunities that were available to their parents are not available to them.