I read that the unfunded liabilities represented by Social Security and Medicare (mainly Medicare) come to 107 trillion. As of 2007 (before everything went bust) the Net Fixed Reproducible Tangible Wealth (not income) was 47 trillion.
Anyone else notice a problem here?
Raise my retirement age, please!
Yours,
Tom
Most put those future liabilities at a lesser amount of $60 to $70 trillion, which is still many multiples of reported GDP. Toss on the pile the fact that monthly Uncle goes out to the quickie loan shop for tens of billions more debt just to keep running. But it’s not just the US, it’s also Europe, China and others.
What we’ve been seeing is people getting nervous, and now a growing minority are having an “oh Sh!t” moment when they realize how doomed the current system is. I don’t like to be a gloomer, but when your rocket explodes on the pad, don’t tell me it’s sunrise.
I saw a news story about Greece and the EU that used the phrase “sovereign debt.”
I read that the unfunded liabilities represented by Social Security and Medicare (mainly Medicare) come to 107 trillion. As of 2007 (before everything went bust) the Net Fixed Reproducible Tangible Wealth (not income) was 47 trillion.
Anyone else notice a problem here?
Raise my retirement age, please!
Yours,
Tom
Most put those future liabilities at a lesser amount of $60 to $70 trillion, which is still many multiples of reported GDP. Toss on the pile the fact that monthly Uncle goes out to the quickie loan shop for tens of billions more debt just to keep running. But it’s not just the US, it’s also Europe, China and others.
What we’ve been seeing is people getting nervous, and now a growing minority are having an “oh Sh!t” moment when they realize how doomed the current system is. I don’t like to be a gloomer, but when your rocket explodes on the pad, don’t tell me it’s sunrise.
I saw a news story about Greece and the EU that used the phrase “sovereign debt.”
There’s yer trouble.
To paraphrase Scotty in Trek IV:
“A retirement? How quaint!”