The $14 trillion debt on the balance sheets is just a small portion of the government's liabilities. Look at this chart
. The government has promised "$52.145 trillion in net present value of the scheduled benefits (before the passage of healthcare legislation) over the next 75 years to Social Security and Medicare."
Tax hikes will not pay for this. Social Security and Medicare will both die. There is no way the programs can be sustained. The only question is the cause of death - sudden uncontrolled crash, or phasing out the programs toward sustainable alternatives?
Labels: Economics, Politics