The Inevitability of a U.S. Government Default
By David R. Henderson, Jeffrey Rogers Hummel
This article appeared in the Spring 2014 issue of The Independent Review

By 2037, federal spending is projected to grow to 35.7 percent of GDP, whereas tax revenues are almost certain not to exceed their historical upper limit of about 20 percent. Unless expenditures for Social Security, Medicare, and Medicaid are tightened, the federal government will likely end up repudiating some or all of its debt obligations.

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