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Read it and weep (and pray): US liability is $86.8 T

Maybe they could tax all lottery winnings at 100%?

The actual liabilities of the federal government—including Social Security, Medicare, and federal employees’ future retirement benefits—already exceed $86.8 trillion, or 550% of GDP. For the year ending Dec. 31, 2011, the annual accrued expense of Medicare and Social Security was $7 trillion. Nothing like that figure is used in calculating the deficit. In reality, the reported budget deficit is less than one-fifth of the more accurate figure.

Why haven’t Americans heard about the titanic $86.8 trillion liability from these programs? One reason: The actual figures do not appear in black and white on any balance sheet. But it is possible to discover them. Included in the annual Medicare Trustees’ report are separate actuarial estimates of the unfunded liability for Medicare Part A the hospital portion, Part B medical insurance and Part D prescription drug coverage.

As of the most recent Trustees’ report in April, the net present value of the unfunded liability of Medicare was $42.8 trillion. The comparable balance sheet liability for Social Security is $20.5 trillion.

via Cox and Archer: Why $16 Trillion Only Hints at the True U.S. Debt – WSJ.com.

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Discussion

2 thoughts on “Read it and weep (and pray): US liability is $86.8 T

  1. This is sickening. Over 86 trillion dollars in debt and we are still talking about another stimulus with NO spending cuts. I just don’t understand how people think that taxing the rich is even an option anymore. That is a gigantic number that will be with us for the rest of our lives and I have a bad feeling it wont be going down anytime soon.

    Posted by Matt L. Graf | November 28, 2012, 8:54 PM
    • dummies, all of you. 86T does not mean debt. it is liablilites – think for two seconds and you will know that this is the spending of the govt over an infinite amount of time and has zero to do with deficits, debt, or how much we owe. there is an entire other half of the equation called revenue. where is that projected number over an infinite amount of time? oh right, lets conveniently forget to write that number so we can rally up stupid conservatives in fear of large numbers with no meaning. and you call yourself a writer. what a joke!!!

      Posted by Balls McGhee | December 9, 2012, 1:18 AM

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