Three Little Pigs: How Entitlements Will Destroy Us

by Michael D. Tanner

“There is simply no way to control our debt without getting serious about reforming entitlements”

Our national debt recently topped the $13 trillion mark. That amounts to nearly 90% of this country’s GDP; $72,000 in debt for every household in America.

And that’s the good news.

In the next few years, our major entitlement programs, in particular Social Security and Medicare, will begin to run cash-flow deficits, adding hundreds of billions each year to the debt. In fact, Social Security’s total unfunded liabilities top $15.8 trillion, and depending on what accounting measure is used, Medicare’s future shortfall could exceed $100 trillion.

Before long, we may be thinking about today’s debt as the good old days. Read  Full article at Cato.org

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