analyticsbox | Mar 02, 2022
The new financials for the U S Government have been released, and it is not pretty. Here is the summary of liabilities and unfunded obligations as of September 30, 2020 & 2021 (in trillions):
(This represents $333,000 of debt for every person in this country)
Words fail me, the numbers are mind numbing, and it just keeps getting worse every year.
Medicare Trust funds exhaust in 4 years. Combined Social Security Trust funds exhaust in 11 years. The current debt to GDP (Gross Domestic Product) is over 100%, projected to go to 700% over time with current policy. And progressives want to add more programs and debt!
Here is the quote from the Financial Statement:
“The current fiscal path is unsustainable. To determine if current fiscal policy is sustainable, the projections based on the assumptions discussed in the Financial Report assume current policy will continue indefinitely. The projections are therefore neither forecasts nor predictions. Nevertheless, the projections demonstrate that policy changes need to be enacted for the actual financial outcomes to differ from those projected.”
BOTTOM LINE
If our elected politicians do not wake up and deal with this urgent problem, then the ‘voting public’ must send them a message. NOW! If they do not listen, then vote for someone else who understands and will deal with the issue. This is critical for your sake and for the sake of future generations, if they are to have the same opportunities we had.
‘Forewarned is forearmed’. When Social Security and Medicare Trust funds run dry, major cuts to benefits automatically occur. For Social Security the current estimate is a 22% cut.
If we hit the proverbial wall, it will be too late to fix the problem. And if the Big Kahuna hits the wall, it is a worldwide disaster. Enough said - send the message to your representative. NOW!
LEARN ECONOMICS, THEN VOTE SMART