If you throw in what the States unfunded liability owe, it is more like $120B.
If I had my way
If I had my way in this wicked world
If I had my way
I would tear this old building down
— Rev Gary Davis
I say crash it. Crash the whole system. It cannot be fixed. We just have to start over. I now support Default.
I think Ben Franklin’s prophecy is now being fulfilled:
“In these sentiments, Sir, I agree to this Constitution, with all its faults, — if they are such; because I think a general Government necessary for us, and there is no form of government but what may be a blessing to the people, if well administered; and I believe, farther, that this is likely to be well administered for a course of years, and can only end in despotism, as other forms have done before it, when the people shall become so corrupted as to need despotic government, being incapable of any other.”
Speech to the Constitutional Convention (28 June 1787) Ben Franklin
There is a dimensional element missing from the $62 trillion in unfunded promises - time. I don’t see any where in the original usa today article or the blog article about how far into the future the $62 trillion accounts for.
I mean, if the time period we are looking at is long enough, we have 1000 trillion in unfunded promises.
So is the 62 trillion for the next 5,10 or 100 years?