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November 30, 2010Alarm Bells Continue to Ring

Sheila C Bair, Chairwoman of the FDIC, has an important Op-Ed in the Washington Post that you’ll want to read.  In it, she calls for a plan for fiscal responsibility and restraint on government spending.

The piece is filled with good advice and interesting statistics.  But this one is particularly jaw-dropping: "Retiring baby boomers, who will live longer on average than any previous generation, will have a major impact on government spending. This year, the combined expenditures on Social Security, Medicare and Medicaid are projected to account for 45 percent of primary federal spending, up from 27 percent in 1975."

This kind of revelation from the FDIC is just one of many alarm bells ringing.  If spending, in health care and throughout the federal government, continues to balloon, then America risks a grave financial crisis.  Full the full article, by clicking here.

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