President Trump’s latest budget proposal shows that escalating budget deficits will not be reined in until Social Security and Medicare are addressed.

First, the bad news. Budget deficits will likely exceed $1 trillion by next year, and reach $2 trillion within a decade. If interest rates rise back to even 1990s levels, then the interest costs on the enormous debt will push the budget deficit closer to $3 trillion a decade from now. And even that assumes peace and prosperity.

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