Over 100 trillion? One trillion is an impossible number to get my brain around. We are all just playing with monopoly money. What’s the point of trying to save and get ahead? My family’s little bit of savings isn’t worth pocket change.
beaversmom:
more detail if you’re interested at
The first couple of sentences from that report:
“The 2009 Social Security and Medicare Trustees Reports show the combined unfunded liability of these two programs has reached nearly $107 trillion in today’s dollars! That is about seven times the size of the U.S. economy and 10 times the size of the outstanding national debt.
The unfunded liability is the difference between the benefits that have been promised to current and future retirees and what will be collected in dedicated taxes and Medicare premiums. Last year alone, this debt rose by $5 trillion. If no other reform is enacted, this funding gap can only be closed in future years by substantial tax increases, large benefit cuts or both.”
That’s what happens when we put the equivalent of Lumpy and Eddie Haskell in charge of our legislatures!