Over the last seven decades, vote-seeking politicians of both parties have made a succession of self-serving, but short-sighted, Social Security and Medicare promises that seriously threaten the nation’s financial solvency:
• Social Security’s unfunded liability stands at more than $11 trillion.
• Medicare’s unfunded liability stands at more than $65 trillion.
With a combined unfunded liability of more than $76 trillion -- that’s $76,000,000,000,000 -- Social Security and Medicare are unsustainable without draconian benefit cuts and/or unprecedented tax increases, the costs of which are being irresponsibly passed on to our children.
In spite of massive unfunded liabilities, the federal government continues to spend in a manner that pushes the nation closer to the brink of eventual financial collapse.
How much more can the golden goose take before it finally exhales its last breath?
The unfunded liability figures shown above were taken from The Washington Post:
http://www.washingtonpost.com/ac2/wp-dyn/A59227-2005Mar23?language=printer
John Eidson is a white conservative who takes great pleasure in black success. In addition to postings on YourBlackPolitics, he also contributes money-saving ideas to YourBlackMoney.
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