Federal Government: By the Way, Medicare and Social Security Are Going Broke A Lot Faster Than We'd Thought
Guy Benson Jun 06, 2018
If the surplus money that Americans paid into Social Security had been left alone, there would be a balance of roughly $2.85 Trillion Dollars. Sadly, Congress saw that pot of money and couldn’t keep their hands off of it. They spent every dime.
It's the type of unsexy story that just glides past without much notice these days -- especially with so much excitement and speculation over historic summits, presidential self-pardons, and dramatic culture war skirmishes dominating headlines. But the federal government has dug our national finances into a frighteningly deep hole, having made tens of trillions of dollars' worth in unpaid-for promises (i.e. "unfunded liabilities"), on which tens of millions of people are relying. We've been sounding the alarm on this for years, over the course of two presidential administrations. The looming debt bomb is a predictable crisis, and yet virtually nothing is being done about it.
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