Pentagon Contractors Owe $7.7 Billion in Unpaid Taxes

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Within the past six years, said Walker, the govt's long-term financial exposures in debt, health and Social Security have jumped 147% to $50.5 trillion. If this trend continues, federal spending will need to be cut by 60% and taxes will have to double to balance the budget in the year 2040. To close off this sweeping gap, the economy would demand double-digit growth for every single year for 75 years.

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