Snatching victory from the jaws of defeat, after a tumultuous year of political theater, the Age of Obama has dawned.
With legislative success however tarnished by rancor and dissent, the hopes and dreams of generations of Progressives have been fulfilled. The trifecta of Social Security, Medicare, and the first installment of Universal Healthcare are now the law of the land.
Based on a common set of financial principles and an unshakable faith in the wisdom of government the productive power of the young, the healthy, the successful, and generations yet unborn are now fully lashed to the yoke of redistribution. The poor, the old, the infirm, the government employee, the union worker, the dropout, and the slothful have cause to rejoice as their party has delivered the goods.
Or so they think. Let’s take a quick look at the numbers.
According to the most recent Social Security and Medicare trustees report, the unfunded liabilities of these New Deal and Great Society programs exceed $100 trillion dollars. Add the unfunded Medicaid mandates imposed on the states along with the pension liabilities of millions of federal, state, and local government employees and the total becomes almost impossible to comprehend.
Try this on for size. If you confiscated the entire Gross Domestic Product of the US for ten years you couldn’t cover all these liabilities.
Read More: By Bill Frezza, Real Clear Politics