The amount of unfunded US obligations grows exponentially each year and, unmentioned by any “objective” media economy reporting services, is about ten times the reported National Debt. The majority of the obligations are Medicare and Social Security, neither of which are actually guaranteed to pay out. This is why they aren’t listed in the National Debt — the US government isn’t actually contractually obligated to pay out, regardless of the money a person has paid in, unlike the various forms of contractual debt the “National Debt” comprises. Here, take a look at the growth of our obligations over the past few years (source):
It’s so massive, and gaining such momentum, that we can’t even halt it, much less reverse it. For example, this article mentions, “According to recent estimates, tax revenue from all sources would have to increase by 61% in order to balance the 2010 fiscal budget. Given that State government income tax revenues were down 27.5% in the second quarter, the US government will be lucky just to maintain its currentlevel of tax revenue, let alone increase it.” But don’t worry. When all this is over, it’ll sort itself out, right?
Yes, in the default of:
a) Medicare payments
b) Social Security payments
c) The Dollar
d) The US Government itself
e) All of the above
Today’s article of doom: The prosperous USA.