The alarm bells over entitlements, deficits, and debt

And it is not even Halloween yet!

Along with the chart below, the Economist has this quick take:

The chart shows the proportion of GDP spent on entitlements and interest, compared with the proportion of GDP that the government is expected to raise in the form of revenues. ... As can be seen, entitlements and interest will absorb all government spending by 2025. ... In short, the fiscal position is deteriorating rapidly. Where then is the appetite for cutting entitlements or increasing taxes sharply?

Quote of the day

“If the long-term issue is entitlement reform, ... the fact that the political system cannot say no to $250 checks to elderly people is a bad sign.”
From David Leonhardt's piece in the NY Times.  The quote itself is from Joel Slemrod, a University of Michigan economist.