[Always Right]

The real estate bubble is about to bust.

I wouldn't be holding my breath on that one

[eno_]

Right. This has nothing to do with real estate values.

It is also incorrect to compare Medicare, or even Social Security, liability to a government bond. "Mandatory" spending may be a bitch, but it is only legislation, and can be legislated away.

For example, the following law: "Social Security retirement age shall be 75." Pass that law, and, voila, Social Security is fine for another 15 years, at least. You could also start encouraging people to smoke more and die sooner.

You can't legislate an actual debt away (at least not without pissing off the people you borrow from, and governments know those are the most important people NOT to piss off).