This has nothing to do with real estate – except for the fact that if we don’t fix our budget deficit problem in Washington mortgage rates will eventually rise to 20%.
For quite some time I’ve been wondering about just how big of a problem the major entitlement programs are for the country. I’ve periodically looked for the data but just didn’t have the time to find it. Then this week Ben Bernanke was being interrogated by some members of Congress and one of his inquisitors produced a chart that pretty much puts the whole problem in perspective. And here it is, based upon data from the Congressional Budget Office:
