Yes, the Wall Street Journal is correct. From the 2004 Financial Report of the United States Government, we are told that
“The increase in the present value of Medicare represents a $9,609 billion increase over fiscal year 2003. For current participants (closed group), the Medicare Prescription Drug Plan (Part D) added $6,306 billion to the $9,609 billion increase over fiscal year 2003; this amount is $8,119 billion when computed for all current and future participants (open group).”
Here’s the latest GDP data. Yep: $8,000 billion beats China’s GDP of $7,300 billion. Amazing. But this is what Bush conservatism is all about: the biggest unfunded expansion of the welfare state in history. This isn’t debt. It’s mega-debt – to be paid for eventually by inflation, or tax hikes.
The Dish 