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The U.S. Welfare state

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Some Actual facts for you to digest.

This is not about Social Security or Medicare, its about Medicaid, which was started because politicians needed to obtain more votes, thus *numerous Welfare forms were invented. Read on and one will see that a huge majority of medicaid recipients have abused it to an extreme, and that money came from you the Taxpayer.

The claim about $1 trillion being spent on “welfare” is interesting and complicated and convoluted. It shows up in this recent report from the Cato Institute, which argues that the federal government spends $668 billion dollars per year on *126 different welfare programs (spending by the state and local governments push that figure up to $1 trillion per year).
The 35.4 Percent: 109,631,000 on Welfare. 109,631,000 Americans lived in households that received benefits from one or more federally funded “means-tested programs” — also known as welfare — according to data released by the Census Bureau.
However, this claims says any money mostly spent on the poor is “welfare.” To give you a better sense here, the federal spending breaks down into a couple of broad categories. Only about one-third of it is actually what we think of as “welfare”:

1) Cash and cash-like programs: As Michael Linden of Center for American Progress stated that “there are five big programs in the Cato list that are most analogous to what people think of as “welfare”: The refundable part of the Earned Income Tax Credit ($55 billion), Temporary Assistance for Needy Families ($21 billion), Supplemental Security Income ($43.7 billion), food stamps ($75 billion), and housing vouchers ($18 billion) and the Child Tax Credit. All together, that’s around $212 billion dollars.”

2) Health care: This is actually the biggest item on Cato’s list. Medicaid spends $228 billion on the non-elderly population, and children’s health insurance plan takes up another $13.5 billion. This is also roughly a third as well.

3) Opportunity-related programs: These are programs that are broadly related to opportunities, mostly in education or job-training. So you have things like Title 1 grants ($14 billion) and Head Start ($7.1 billion) in this category. But as Center on Budget and Policy Priorities’ Donna Pavetti notes, these programs don’t all go to poor people. For instance, Title I benefits school districts with a large share of poor children, however that money will help non-poor students attending those schools.

4) Targeted and community programs: What remains are programs designed to provide certain services to poor communities, which make up the bulk of the number of programs. Adoption assistance ($2.5 billion) and low income taxpayer clinics ($9.9 million) are two examples here.
Consider that in 2012 a mother with two children on welfare in the the state of New York, a family receiving Temporary Assistance for Needy Families, Medicaid, food stamps, WIC, public housing, utility assistance and free commodities would have an annual welfare package of benefits worth $38,004, the seventh-highest in the nation.
In 2012 the gross wages in the US was slightly over six (6) trillion dollars, which is less than each of the previous four years and almost identical to 2005, as was the U.S. population was 4.2 percent smaller.

The time has come for  Congress and state legislatures to be serious about reducing welfare dependence and rewarding work, they should consider strengthening work requirements in welfare programs, removing exemptions and narrowing the definition of work.

The U.S. Welfare state

U.S. States ‘Unfunded Debt”

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Liabilities Debts/ Bonds, Pensions and Health Insurance’

How bad is it really ? Well, they ( Our/Your Government) have squandered your money and there is not enough left in the cookie jar.

 

U.S. states public pensions are staged to balloon by 40 percent to $1.75 trillion through fiscal 2017, This is really bad., In other words, the U.S. States have not put aside adequate monies to maintain Pension and Health & Welfare obligations.

The nation’s 100 largest public pensions were funded just below 70 percent as of June 30 (current), and according to a study . That study found investment returns to be 1.31 percent and thus a funding deficit of $1.78 trillion in fiscal 2017. Half of U.S. states did not put enough money into their retirement systems in the past few years in order to to curb the growth of unfunded liabilities.

At this writing, California residents are indebted to the tune of $1 trillion or $93,000 per California household and climbing, while on the other coast New York State is 98% funded and is in good shape. 

California isn’t even the worst off when it comes to pension debt, as Alaska ($12 billion) leads the way with just over $110,000 per household. Yet well-known problem spots as an example are; Connecticut ($65 billion-unfunded retirement benefits, plus other state debt, ), Illinois ($203 billion unfunded retirement benefits, plus other state debt), Massachusetts ($94.5 billion) New Jersey ($66.2 billion), and Kentucky ($32.6 billion), are really in bad shape. All told, state and local governments in Illinois owe more than $203 billion for present and future pensions and retirement health insurance, which is more than $41,000 in retirement debt for every Illinois household.

It would appear that only a small minority of states face dire circumstances, fortunately many responsible states appear to now have their costs under control.

As to the Commonwealth of Puerto Rico, They have an unfunded $49.5 billion pension liability, and their overall economy is in fact in debt to the tune of $70 billion and they are in default on much of that debt, including general obligation (GO) bonds . Why in the world would the citizens of the United States welcome this debt ridden territory in as a new state, as obviously, they are apparently seeking Statehood so as to have the U.S. Government guarantee their debt. on general obligation (GO) bonds, folks! They are insolvent.

One can readily see that most of the state and and many local governments are in serious economic shape. Obviously, it would appear that in most states and of course the U.S. Congress they show little or no restraint in lowering spending, as they keep increasing spending.

Do consider that all of the above unfunded indebtedness does not include the Federal indebtedness

My take; it is worse than really bad!

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U.S. States 'Unfunded Debt

U.S. FEDERAL UNFUNDED DEBT. ‘A DISASTER IN WAITING’

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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.

Read this and weep! http://www.usdebtclock.org/

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Well Ollie; another fine mess you have gotten us into.

 

Summary by: Gary T. Petler

U.S. FEDERAL UNFUNDED DEBT. 'A DISASTER IN WAITING'