I'm currently running a client conference hosted by a big medical SaaS company. It's for C-level clients of hospitals, Dr's offices and other medical practices and addresses current trends in medical billing, expenses and collection.
One person presenting yesterday morning had a slide that was pretty telling with numbers that come from the Congressional Budget Office...
Basically, since 1970 (and well before) average tax revenue collected by Uncle Scam has been between 16% and 20% of GDP with an average of 18%.
Taking that into consideration along with current trends, in 30 years entitlement spending related to healthcare is on track to exceed the revenue collected by Uncle Scam. That leaves $0 available for all other functions of government.
It is obvious that current spending trends are unsustainable. Unfortunately, politicians on both sides of the aisle continue to kick the can down the road because neither want to be responsible for cutting programs or boosting taxes.
The above is one more reason on the list of how the US economy is primed for massive collapse. Just one more reason why I continue to hedge against the US$ with precious metals and other commodities.