Each Taxpayer Has Federal-Debt Liability of $1.1 Million
According to the U.S. Debt Clock, total long term unfunded liabilities are at $126 trillion, a $1.1 million liability for each U.S. taxpayer.
The main driver of that astronomical number is two of our major entitlement programs: Social Security and Medicare.
The Debt Clock says Social Security is looking at $16.6 trillion in unfunded liabilities, while Medicare faces $87.6 trillion. And Medicare’s prescription drug benefit, which passed in 2003, adds another $22 trillion.
The Debt Clock’s Medicare unfunded liability is twice the current government projection—$43 trillion—because Democrats used Obamacare to try and deceive the public. Prior to passage the government’s estimate was similar to the Debt Clock’s.
That difference is because Obamacare requires the Medicare trustees, who annually report on the program’s financial condition, to assume that Medicare will significantly cut reimbursements to doctors and hospitals in the future.
Source: Merrill Matthews, Rare.US
Tags: Debt Clock