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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.
I have been talking about this for over a decade and most people have no clue where we are headed. Thanks for starting the conversation, I look forward to seeing some informed comments.
I dont think they would ever allow such a thing to happen, we saw what they did when it came close in 2007-08.
If a major financial collapse happened, we would be back in the dark ages before too long, no one would be going to work anymore, no one paying bills, taxes, no one borrowing money, buying things, etc!
There's not much room to maneuver through the next recession either. Already given out tax cuts and now going to cut interest rates again in a "good" economy.
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 because you don't have a nation or a national debt.
Only commies and socialists scream there's a national debt.
So, what are you? A commie or a socialist?
The unfunded liabilities of the US are through the "infinite horizon" which is always 75 years from date of publication of any Trustee report for Medicare or Social Security and for public and private pensions.
For Social Security, you need one, and only one small FICA tax increase of 1.8%-2.2% and Social Security will be 100% funded and solvent in perpetuity, meaning the next 200 years or so.
Medicare is a different story, because medical technology inherently costs a lot of money.
For private pension plans, they'll just have to get accustomed to a lower Standard of Living and lesser Life Style. Or the companies can have a forensic account declare the plans to be Ponzi- or Ponzi-related schemes, which they are since their primary purpose was to launder money, not provide pensions.
For public pension plans, you just need a forensic account to say the plan is a Ponzi- or Ponzi-related scheme, and they all are, and then a judge can either void the agreement, or modify it.
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.
So the Republican solution is to cut social safety nets that will harm individual people as opposed to rolling back tax cuts for the top 1%?
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