“The United States is facing a massive economic crisis that is both predictable and avoidable, says former North Carolina Senator Erskine Bowles, head of a former White House deficit-reduction commission.
According to Bowles, 100 percent of the tax revenue coming into the Treasury in 2011 went right out the door to pay for mandatory spending — such as Medicare, Medicaid and Social Security — and to pay the interest on the country’s massive $15.6 trillion national debt, Bowles says, according to Bloomberg View…”
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