"Cox and Archer: Why $16 Trillion Only Hints at the True U.S. Debt
Hiding the government's liabilities from the public makes it seem that we can tax our way out of mounting deficits. We can't.
A decade and a half ago, both of us served on President Clinton's Bipartisan Commission on Entitlement and Tax Reform, the forerunner to President Obama's recent National Commission on Fiscal Responsibility and Reform. In 1994 we predicted that, unless something was done to control runaway entitlement spending, Medicare and Social Security would eventually go bankrupt or confront severe benefit cuts.
Eighteen years later, nothing has been done. Why? The usual reason is that entitlement reform is the third rail of American politics. That explanation presupposes voter demand for entitlements at any cost, even if it means bankrupting the nation.
A better explanation is that the full extent of the problem has remained hidden from policy makers and the public because of less than transparent government financial statements. "................
...A better explanation is that the full extent of the problem has remained hidden from policy makers and the public because of less than transparent government financial statements.
I can't agree completely with that statement, the full extent of the problem has been outlined extensively in factual articles in the media for readers who were interested in learning the truth. One only needs to look at the increasing ratio of retirees to workers to see where we are headed. It doesn't take a phD in Math.
You do need to ignore the politicians though and do your own thinking.
If you want to be, press one. If you want not to be, press 2
Republicans are red, democrats are blue, neither of them, gives a flip about you.
OP, shut your mouth!!! You are scaring the sheeple. They know Social Security, Medicare, and Medicaid will last forever even when you have more people in the programs than paying for them.
Thomas Sowell: There are no solutions, just trade-offs.
