National Overspending Policy

Why does the U.S. overspend? It is domestic fiscal and tax policy to over-tax the young and give the proceeds to the old. Although Laurence Kotlikoff's article "Economists Risk Labeling as Political Hacks" is in the opinion section at Bloomberg, it contains an excellent overview of the last 60 years of U.S. economic policies and incentives. Try to read it without applying any political filters, if you can. Ultimately, the point is that the country has been overspending for the last 60 years under all administrations, and that real growth in GDP won't come back unless the country as a whole stops overspending. Although he doesn't say it directly, some of the reduction of that overspending would have to come from entitlements, which now consume well over half of the federal budget, and will soon consume 80% if current trends continue.