More and more people are going public with what has been obvious for a very long time.
Unfortunately, he’s grossly misunderestimating the size of the problem. Unfunded liabilities for Social Security are $18.7T, not $7.9T; the liabilities for Medicare are $59.2T, not $22.8T etc. I assume the Medicaid figures are similarly flawed. Together with state and local debts, unfunded liabilities for pensions/health and all the interest we’ll have to pay on funds borrowed to keep these entitlements going, the total tab exceeds $200T.
Obama’s attitude seems to be “Well, we’re bankrupt anyway, why not have a big bash before they turn the lights out?” Proposing a budget that adds many trillions more to what we owe is obscene.
I’m no fan of this camera-whore on a German payroll, but he makes his point in a compelling way.
Big difference here is when Greece went under, there were other countries left standing to prop them up.
If we go under, it will be every country for themselves.
The other countries of the world can’t bail us out. We are the big dog on the porch but we have heartworms.
Still amazing to watch supposed intelligent people who think that economic laws don’t apply once the scale gets big enough. None of these pinheads are spending more than they make in their personal lives, so how can it work in the trillions?
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