Saturday, May 17, 2008

[Off topic] US Government Immorality Will Lead to Bankruptcy

The Comptroller General of the United States proclaims that our current standard of living is unsustainable unless drastic action is taken. He warns that funding shortfalls for the Medicare program is five times worse than Social Security, and it will take $8 TRILLION to pay for what is promised today to beneficiaries, of which we have ZERO!

1 comment:

robroy said...

Thanks, Dean Munday, for posting this. I wrote down some of the more salient points:

"We're spending more money than we make. We are charging it on a credit card and we are expecting our grandchildren to pay for it."

"The medicare problem is five times worse than social security."

"It would take 8 trillion dollars invested today to pay for the next forty years to pay for the Medicare prescription drug plan."

"Economic growth alone is unlikely to solve the nation's impending problems." Ben Bernanke

"This is not just about numbers. We are mortgaging the future of our children and grandchildren at record rates. And that is not only an issue of fiscal irresponsibility. It is a issue of immorality."