Monday, January 31, 2011

The Million-Dollar Reality of Unfunded Liabilities

In case you missed it . . .

On my show Saturday, Dr. Rod Hewlett, dean of the business college at Bellevue University, said the United States has more than $100 trillion in unfunded liabilities. Three line items make up most of that total: Social Security ($14.8 trillion), the prescription drug program ($19.6 trillion), and Medicare ($77.8 trillion). That's a total of $112.2 trillion.

If you break this liability down by taxpayer, in addition to your "regularly scheduled" tax burden there is an additional $1 million that the U.S. needs you to cover to keep the country afloat financially.

This is the type of fiscal reality that has driven me to the Tea Party.

No comments: