By Adam Andrzejewski for RealClearPolicy
Politicians promised you benefits, but never funded them.
That’s according to truthinaccounting.org, which noted that there’s $96.3 trillion owed in promised but unfunded Medicare and Social Security benefits — $55.1 trillion for Medicare and $41.2 trillion for Social Security.
While Uncle Sam has $5.9 trillion in assets, the $129 trillion owed in bills — including military and civilian retirement benefits — means the U.S. is in the hole for $123 trillion. Just the unfunded liabilities in Medicare and Social Security add up to $96 trillion.
It is a stunning amount coming due over the next 75 years. The Treasury Department sticks its proverbial head in the sand and does not even list the liabilities on the balance sheet of the federal government.
But not to worry, taxpayers will not actually be paying for this. How could they?
Instead, older people who have been promised these benefits likely will not be paid in full.
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If by some magic we do manage to pay for these promised benefits, it is young people who would be saddled with trillions in extra taxes with nothing in return.
Syndicated with permission from RealClearWire.
The #WasteOfTheDay is presented by the forensic auditors at OpenTheBooks.com.
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