This is the problem. We have 10,000 baby boomers retiring every day for the next 20 years. By 2030, one out of five residents of this country will be 65 or older. In 1950 there were 16 workers for every retiree; today it is three; and by 2030 it will be two to one. How much should we tax the young to pay for our entitlement/welfare system?
Basically, tell the feds “your are responsible for x, and those funds will flow. However, you, the feds, cannot take on any additional liabilities after a certain point.
Medicare, SS, Obamacare, and Medicaid are enough liabilities to strangle our economy. 40% of all Medicare expenditures come from the general fund. And the demographics will ensure that this continues to rise.
See my post # 46
There will certainly be “Legacy debt” or commitments.
The fundamental question is “How do you break a Ponzi scheme?”
There’s plenty of money.