It will indeed be doomsday when the world realizes that the U.S. government cannot pay its debts and keep its promises. From Adam Andrzejewski
Topline
$175,300,000,000,000 is the most important financial number in the world.
The new Financial Report of the United States Government (February 2024) estimates that the financial position of Social Security and Medicare are under funded by that much. Treasury Secretary Janet Yellin signed the report.
The amount is unfathomable. Here are two examples for context:
- The gross domestic product of every country on planet earth was only $104.5 trillion last year.
- $175.3 trillion is nearly as much as our federal government has spent on everything since the Constitution was written in 1787, even adjusted for inflation.
The Federal Government has been paralyzed. The last reform worthy of the name was 41 years ago next month.
So, Medicare is forecasted to start cutting benefits in just seven years. Social Security’s trust funds start running out of money in ten years. The funds are projected for depletion by 2041.
In 2013, then-U.S. Senator, the late Dr. Tom Coburn, warned that Congress was “drunk on spending.” Coburn highlighted the federal unfunded liabilities, which then were $128 trillion. Today, just ten years later, the financial picture is considerably worse – up nearly $50 trillion, or 39 percent!
Because of the size of the deficit, there is no clear path towards obtaining the funding needed. that means radical changes could be coming to two of the nation’s most fundamental services.
This just in from Cloward-Piven:
Let them eat EBT cards.
One half wants the everyone equal in failure and misery known as socialism/communism that is really only useful for burning down societies.
The rest of us are Freeborn and Pure Blood for life and we take that seriously, always.
Nothing a nuclear apocalypse won’t fix.