Chicago Tribune Sees Budget Hurricane on the Horizon

A budget hurricane -- chicagotribune.com: "A deluge of debt, looming on the horizon, threatens to wreak frightful damage on our economic future. But instead of taking steps to minimize the risk, we're acting as though the skies are clear and always will be.

That's the essence of a new report by the nonpartisan Congressional Budget Office, which has the thankless task of reminding us that our budgetary choices have consequences. The CBO says that in recent months a dismal outlook has gotten even darker as projected future spending -- particularly on entitlements such as Social Security, Medicare and Medicaid -- expands much faster than expected revenue. Federal debt held by the public peaked at 113 percent of total GDP right after World War II, when the U.S. government had to spend vast amounts to defeat Germany and Japan. Today, the debt stands at about 41 percent of GDP.

But with the government running trillion-dollar deficits and facing the Baby Boom generation beginning to retire, CBO estimates that the debt will break the previous record by 2026 and hit 200 percent of GDP by 2038."

The hurricane flags have been hoisted, but the Obama administration is still doing keg stands at the Democrats Gone Wild beach party. But it's worse than that. They are encouraging everyone to come to the shore in their Winnebagos.