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He says that what his critics call deficits are based on future spending outlays that he would not have allowed.
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From spending based on past earnings (at age 60) to spending based on future earnings (at age 30).
This means our government is spending nearly $1 trillion a year on chronic disease, and this will soon double based on future projections that have us spending an estimated $4.6 trillion on total health care costs by 2020.
At least 17 states, including California and New York, have already sold bonds based on future tobacco settlement payouts and spent some or all of the money before they have it, according to the National Conference of State Legislatures.
"You build based on future demand.
"Everything is based on future revenues," he said.
After all, rules govern based on past experience – values are based on future aspirations.
Based on such a political calculus, one can at least conceive of Congress, two years hence, passing an updated version of the Gramm-Rudman-Hollings Balanced Budget and Emergency Deficit Control Act of 1985, which imposed binding caps on future spending.
And he has tight controls on future spending.
The report did not forecast the effects of the new health care law on future spending.
If that fails, they will most likely try again on future spending bills.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com