The Government Accountablity Office Recognizes that we have a "Fiscal Challenge"

Basically, the Government Accountability Office says that "The federal government faces large and growing structural deficits driven primarily by rising health care costs and known demographic trends." The suggestion is that once the current crisis is over, the next administration will need to tackle the fiscal crisis next.

OK. So, it sounds to me like they are saying old people are living a lot longer than they used, so we need an overhaul. After all, the government spends about $1 trillion on pensions and medical coverage for seniors now. That coupled with advances in medicine, quality of life and the rise in health care costs really do lead us down a very expensive road that is difficult to maintain.

I fear that instead of reforming the runaway entitlement programs that have been overshadowed by the war for the last few years, the government will increase payroll tax in an attempt to deal with the fiscal crisis.

For those who may not know, the GAO is essentially the internal auditor of the US Government.

Read the GAO's statement here.