Be afraid of what this man has done to our long-term fiscal health. Be afraid of the massive tax hikes he has made inevitable. USA Today tells the truth:
The federal government recorded a $1.3 trillion loss last year far more than the official $248 billion deficit when corporate-style accounting standards are used, a USA TODAY analysis shows. The loss reflects a continued deterioration in the finances of Social Security and government retirement programs for civil servants and military personnel. The loss equal to $11,434 per household is more than Americans paid in income taxes in 2006.
John Hawkins freaks out here, as well he might. Money quote:
Do you know want to know why the "White House and the Congressional Budget Office" don't want the real numbers used? Because those numbers would scare the American people to death and they'd demand changes when they realized what we're doing is unsustainable. That would force the politicians to start making unpleasant choices about Social Security, Medicare, pork, and the budget.
I was, of course, freaking out years ago. I also noticed in my latest letter from the Social Security Administration that, as currently configured, I'll get 76 percent of what I'm due if and when I retire. My bet is that it will turn out to be less than half. The boomers are going to hog all of it for themselves.