Debt Limit, Huh: Unfunded Liabilities Dwarf $16.7 Trillion 'Ceiling'
But $222 trillion in debt can't simply be worked around. Will our commentariat and government officials ever discuss our current federal budget in terms of unfunded liabilities? Fear of being honest with the American people, especially baby boomers who have paid into these programs for decades, may be the concern. Or perhaps they simply think there will somehow be enough money to make good on the benefits promised.
Millions of Americans born in the 1930s and early 1940s are also living longer than expected. For example, my father-in-law, born in 1922, at age 91 is still receiving a hefty monthly pension from that “secret” government agency he retired from in the 1970s.
America simply must begin discussing our financial outlook in terms of our cataclysmic unfunded liabilities. Perhaps if the truth were out, it would supply the political motivation needed to inflict radical change upon these nation-destroying benefit programs. During the next few weeks, as you hear politicking about raising the debt ceiling from $16.7 trillion to about $20 trillion, be aware that you are hearing only of “government-style” accounting, covering only a small fraction of the national debt.