As published for the Hudson Institute:

A report this last week by the Congressional Budget Office (CBO) has exploded the fashionable myth that the federal government has no serious budget problems that comprehensive health care reform won’t solve.

As the CBO report makes abundantly clear (and as most budget analysts have known for some time), population aging is the leading factor threatening to drive the government to fiscal extremity in the upcoming decades, well before health care cost inflation becomes the dominant problem.

In recent years, there has rapidly spread a fundamental misconception of the factors driving the federal fiscal imbalance. Crudely stated, this mythical take on the federal budget is as follows…

Read the full article here