The US Budget Office on Monday said the US Deficit would be 477 Billion Dollars this year. The Deficit is mostly the interest payment obligation of the 7 Trillion-Dollar Debt held by US Treasury Bond Holders. The 10 Year Treasury bond pays interest at 4%. Using rule 72, in 18 years the Deficit will climb to 954 Billion Dollars. In 20 years it will be over 1.3 Trillion Dollars. The current US Receipts is 1.2 Trillion Dollars. If US Receipts do not grow larger in 20 years debt payments will be greater than receivables, Bankruptcy. Being that the US is experiencing slower GDP growth, lower wages, and lower tax revenues from personal and corporate taxes and with oil prices rising compounding the lower tax revenues, the US will not be able to grow itself out of this problem.
Oh, and this is not even considering adding 2 Trillion Dollars of additional Debt to finance Bush's Social Security Private Accounts. If that goes through expect the US to go Bankrupt by 2023 if not sooner.
Let's not even bring up Medicare, which is 7 times the liability of Social Security.