DISGUSTING CURRENT FACTS!
As to the Federal Unfunded debt; At this posting date, roughly $67 trillion is classified as ‘unfunded liabilities’ using data from the Medicare and Social Security Trustees’ Reports. Their measures account for the unfunded liabilities including Social Security, Medicare, and federal workers’ pensions
Keep in mind this is in addition to the official posted debt of $19.6 Trillion .
“The Social Security funding gap is estimated at $13.4 trillion, or 75% of GDP, while the shortfall from the Hospital Insurance component of the Medicare program amounts $3.2 trillion, or 18% of GDP.”
That means between the pension shortfall and the benefits shortfall, the US government is $20.4 trillion short in funding for retirees.
That’s a $3 trillion difference, and that additional borrowing comes from two main government actions.
Total: $106.07 Trillion/US unfunded debt 7/14/2017 $887,000 each taxpayer
At the current rate of Government spending, the U.S. road to insolvency or bankruptcy is a real possibility in the next fifteen (15) years.
On a good note, with regard to the United States Postal Service (USPS), debt and obligations, the Postal Service has set-aside cash totals of more than $335 billion for its pensions and retiree healthcare, exceeding 83 percent of estimated future payouts. Its pension plans are nearly completely funded and its retiree healthcare liability is 50 (should be 80%) percent funded , That is far better than the rest of the U.S. Government. Although the USPS is a Corporation, it is still under the rule of congress. Do look for some modest First class increases in the near future.
As to the U.S. $20 plus trillion national debt.
Approximately 8% of the national debt is monies owed to the Social Security and every man, woman, and child effectively owes over $43,000 thanks to Washington’s free-spending ways.
As of September 2014, foreigners owned $6.06 trillion of U.S. debt, or approximately 47% of the debt held by the public at that time, of $12.8 trillion and 34% of the total debt of $17.8 trillion. The largest holders were China, Japan, Belgium, the Caribbean banking centers, and oil exporters. Outside the U.S., China is the largest foreign holder of the debt, with $1.25 trillion. It is followed closely by Japan, which holds $1.13 trillion. Of the $12.9 trillion chunk of debt owned by Americans, $5.3 trillion is held by government trust funds such as Social Security, $5.1 trillion is held by individuals, pension funds and state and local governments and the remaining $2.5 trillion is held by the Federal Reserve effectively, there is no cash in the Social Security trust fund, and there never has been any. Truth be said, the Social Security trust fund is merely an accounting device filled with IOU’s that future taxpayers must repay.
And the top holder by far is U.S. citizens and American entities, such as state and local governments, pension funds, mutual funds, and the Federal Reserve. Together they own the vast majority — 67.5% — of the debt. Foreign nations only hold 32.5% of the total.
Adding to this catastrophic national debt, a large portion is brought about as politicians actions of buying votes by making promises to the electorate also known as “Pork Barrel Politics” and the vast majority of politicians practice it regularly.
Government spending “or should we say -lack of discipline, In many cases, it is buying votes, at the expense the the working man.
Well Ollie; another fine mess you have gotten us into.
Summary by: Gary T. Petler