We here at Surviving California have been asking our friends for the last several years a question…and “it” has surprised us that no one else seems to be asking “it”. Either “it” is a very dumb question (a real possibility consider our history) or people have been in a self-induced fog preventing them from realizing the immensity of “it”.
When we discovered usdebtclock.org about 4 or 5 years ago, “it” was one of the first things we noticed…mostly because no one was talking about “it” and “it” was really big then. And now “it” has grown out of proportion to anything else.
What is “it”, you ask?
How many of you guessed that “it” was the National Debt?
Yeah, that’s what everyone talks about and why that isn’t “it”. No…the National Debt is only approaching $14 Trillion.
Unfunded Social Security liabilities?
No, that is quite large. Even bigger than our National Debt (even though we owe that to ourselves so that can’t be true because that should be added onto the National Debt but…) and stands about $14.8 Trillion
We agree that’s big…but the George Bush Unfunded Prescription Drug Liability is over 30% larger and already at $19.5 Trillion!
But that still isn’t “it”.
No, what we here at SurivivingCalifornia.com want to know is why does every babyboomer run around pronouncing that ‘we will never see Social Security at our retirement’ when “it” is several times larger?
“It” is the Unfunded Liability of the Untouchable Medicare Liabilility. “It” is five and a half times bigger than the National Debt at an incredible $77,600,000,000,000.00.
Now, before you pass out, add up the unfunded liabilities and you will find that they total $111,900,000,000,000.00.
Or, in other words, almost 10 times the National Debt that everyone is ‘worried’ about paying (or also the Social Security shortfall that everyone seems to be so negative about).
BTW, that comes to over $1 million per taxpayer!
Anyone now question Sen. Tom Coburn’s call to arms earlier this week?
You may now passout.
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