The debt-ceiling debate has revealed that there are two types of politicians in America today: those who still claim we can afford Obamacare and those who will tell you the truth.
Perhaps the most frustrating aspect of the debt-ceiling debate, other than witnessing establishment politicians in complete denial of the mess they’ve made, is the fact that the Orwellian-named Budget Control Act of 2011 does so little to actually, you know, control the budget. Over the next decade, the plan piles up another $7 trillion of debt to be added to the current $14.5 trillion national debt – not exactly a profile in restraint.
I can’t say I’m surprised. Putting politicians in charge of budget control is about as smart as putting filmmaker Michael Moore in charge of the first lady’s “Let’s Move!” program or putting former New York DemocraticRep. Anthony D. Weiner in charge of Internet decency standards.
The $14.5 trillion debt monster has now grown larger the U.S. economy itself but, as evil as it is, it pales in comparison to the unfunded liability monster. It’s time we wrap our minds around this beast. It is so massive that it simply cannot be accurately measured. The “Big Three” – Social Security, Medicare and Medicaid – have underfunded promises several times the size of the national debt, according to Federal Reserve figures. One hundred and fifteen trillion dollars – a cool million dollars for each taxpayer – that’s around eight times the total U.S. economy. These bills are quickly coming due.