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Unfunded Medicare promises: $54.9 Trillion
Unfunded Social Security Promises:bb $36.5 Trillion
Publicly held debt: $15.8 Trillion
Pension & retiree healthcare liabilities: $8.0 Trillion
Other liabilities: $1.6 Trillion
Total bill: $116.9 Trillion
I just can’t see how the nation can remain financial solvent that much longer with this much debt. If you were to estimate, how much time before the financial ticking bomb goes off.
to be more precise, what you are talking about here is mostly unfunded liabilities, and not actual debt. and yes there is a difference. the unfunded liabilities are not actually debt. take the social security promises for instance, that is more of an ongoing ponzi scheme where each generation on soc sec is paid by the upcoming generations still working. and since soc sec is actually a tax, for insurance, technically there is no real liability behind the soc sec scheme, thank you FDR and the supreme court for that.
and many presidents and congresses have raided the soc sec fund and replaced the money with promissory notes that are not worth the paper they are printed on, once again that you supreme court.
the only issue of debt is the publicly held debt, IE bonds and treasury bills, and other financial instruments sold by the government, and debt held by foreign countries, much of which is offset by debt we hold from those foreign countries.
Quote:
Originally Posted by WaldoKitty
Thanks Obama.
lets be fair here, obama was just the last president that added to the debt in a large manner, granted his administration added more debt than all previous presidents combined, but trump in on a path to add another 8 trillion to the debt.
Unfunded Medicare promises: $54.9 Trillion
Unfunded Social Security Promises:bb $36.5 Trillion
Publicly held debt: $15.8 Trillion
Pension & retiree healthcare liabilities: $8.0 Trillion
Other liabilities: $1.6 Trillion
Total bill: $116.9 Trillion
I just can’t see how the nation can remain financial solvent that much longer with this much debt. If you were to estimate, how much time before the financial ticking bomb goes off.
That's bogus accounting. These debt items need to be offset by income items.
Unfunded Medicare promises: $54.9 Trillion
Unfunded Social Security Promises:bb $36.5 Trillion
Publicly held debt: $15.8 Trillion
Pension & retiree healthcare liabilities: $8.0 Trillion
Other liabilities: $1.6 Trillion
Total bill: $116.9 Trillion
I just can’t see how the nation can remain financial solvent that much longer with this much debt. If you were to estimate, how much time before the financial ticking bomb goes off.
Many politicians are promising many more unsustainable government programs even with the current promises being unsustainable without big tax increases.
The vast majority of baby boomers have not even reached full-Social Security and Medicare age and in the next decade the expenditures will skyrocket.
To keep the current programs solvent there will have to be huge tax increases, yet they keep offering more goodies for votes.
I have read about all the unfunded liabilities for Social Security liabilities, Medicare liabilities, state and local pension liabilities and it certainly seems like alot of promises have been made that there isn't an adaquate revenue stream for.
Even if you rollback Tax cuts for the top 1%. It’s still not going to solve the debt issue. So what’s your solution
Cutting defense spending. This country absolutely can do more with less in terms of military spending. So much is wasted yet when cuts happen, they happen where they hurt. That is a big problem. Will never happen though because the military industrial complex holds too much power in Washington.
That's bogus accounting. These debt items need to be offset by income items.
I'd hate to be in that households...they'd be offsetting one years income against their entire 30 year mortgage and their car loans and the college for the kids they didn't have yet!
If one was able to understand numbers, they might look at this Big Picture and understand why money from all over the world heads this way:
"The financial position of the United States includes assets of at least $269.6 trillion (1576% of GDP) and debts of $145.8 trillion (852% of GDP) to produce a net worth of at least $123.8 trillion (723% of GDP) as of Q1 2014."
Life-Expectancy from Birth isn't a factor and never was a factor, not ever.
Both Medicare and Social Security have always been based on Life-Expectancy from Age 65, which has constantly increased and never decreased.
Why? You'll be making well over $1,000/hour, so what's it to you?
The 1/4 of a bitcoin I've kept around will keep me alive for a year!
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