Ahem, may I have a moment of your time Senator Obama and Senator McCain? I really would like your proposed solutions to the terrible problem outlined in this article from Forbes (click on the link below). Or would you prefer to tell me the sky isn't falling? Or is it more fun to talk about lipstick and pigs?
- How will you pay for the massive energy transformations you both promise?
- What will you do to control the costs and pay for Medicare and Medicaid?
- You are apparently not willing to bail out any more investment banks... because the Feds don't have the money?
Just one quote to entice you to read the full column:
"The real liability facing our government is $70 trillion. This represents the present value difference between all the government's projected future spending obligations and all its projected future tax receipts. This fiscal gap takes into account Uncle Sam's need to service official debt--outstanding U.S. government bonds. But it also recognizes all our government's unofficial debts, including its obligation to the soon-to-be-retired baby boomers to pay their Social Security and Medicare benefits.
Given current policies, each of the 78 million boomers can expect, on average, to receive $50,000, in today's dollars, from these programs in each and every year of retirement. Multiply 78 million boomers by a $50,000 annual payment and you get close to $4 trillion per year. This helps you see why our nation's true indebtedness is so extraordinarily high."
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