Unfunded Liabilities

On March 20, 2010, in Economics, by Henshaw

The U.S. entitlement problem was grim before Obama was in the White House. Instead of fixing it Obama has doubled down on entitlements. Mark Steyn has an article out today titled “Welcome to Deemocracy.” As usual Steyn sums it all up.

Look around you, and take it all in. From now on, it gets worse. If you have kids, they’ll live in smaller homes, drive smaller cars, live smaller lives. If you don’t have kids, you better hope your neighbors do, because someone needs to spawn a working population large enough to pay for the unsustainable entitlements the Obama party has suckered you into thinking you’re entitled to. The unfunded liabilities of current entitlements are $100 trillion. Try typing that onto your pocket calculator. You can’t. There isn’t enough room for all the zeroes, and, even if they made a pocket calculator large enough, and a pocket large enough, you’d be walking with a limp. To these existing entitlements, Obama and his enforcers in Congress propose to add the grandest of all: health care, on a scale no advanced democracy has ever attempted.

Steyn also points out that ObamaCare will be the biggest expansion of the IRS since World War II. Someone has to collect all those taxes.

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