Why worry about Social Security?
from: http://www.parapundit.com/archives/002013.html
“The new Medicare drug benefit alone has a bigger unfunded liability than Social Security.
In a briefing Tuesday on Capitol Hill, NCPA Senior Fellow and Social Security and Medicare Trustee Thomas R. Saving reported that:
– Social Security faces an unfunded liability of $10.4 trillion.
– Medicare’s unfunded liability is $61.6 trillion – six times greater than Social Security’s.
– The prescription drug benefit alone faces a funding gap of $16.6 trillion – more than 50 percent greater than Social Security’s.”
For reference, the proposed federal budget will be slightly over $3 trillion. Of course by adopting Universal Healthcare we’ll wipe out the unfunded liabilities for Medicare and prescription drugs. Don’t get me wrong, the liabilities would still exist, they’d just be rolled into Universal Healthcare.
