Each taxpayer in the US now has a federal debt liability of $1.1 million, and the number is constantly rising.
The public tends to focus on the total national debt, which just passed the $17 trillion mark—up from $10.6 trillion since Obama has been in office. But that figure is a modest one if compared to the federal government's long term unfunded liabilities—money the government is obligated to pay over and above the revenues it is estimated to receive.
According to the US Debt Clock, total long term unfunded liabilities are at $126 trillion, a $1.1 million liability per each US taxpayer.
The main reasons for the debt being so big are Social Security and Medicare programs.
According to the Debt Clock, Social Security takes $16.6 trillion in unfunded liabilities, and Medicare makes up for $87.6 trillion. What is more, Medicare’s prescription drug benefit, which was introduced in 2003, adds to that astronomic amount of money another $22 trillion.
Medicare unfunded liability is twice the current government projection ($43 trillion) because of the means by which Democrats used Obamacare to deceive Americans.
It is known that Obamacare requires the Medicare trustees, who make an annual report on the program’s financial condition, to presume that Medicare will significantly reduce compensations to doctors and hospitals in the future.
Medicare's chief actuary, who has recently retired, published a separate "memorandum" to comment on the Democrats' financial intrigue.
"The Trustees Report is necessarily based on current law; … however, the projections shown in the report are clearly unrealistic … The purpose of this memorandum is to present a set of Medicare projections under hypothetical alternatives to those provisions to help illustrate and quantify the potential magnitude of the cost understatement under current law,' memorandum states.
Disclosures of such kind, however, might be very dangerous for democrats .
The health law requires the trustees to assume a steady decline in hospital reimbursement rates for Medicare to about 39 percent of which private insurance would cover in the future. And compensations for doctors working with Medicare patients "would eventually fall to 26 percent of private health insurance levels."
The chief actuary did not suppose that many physicians would treat Medicare patients if they were taking a 75 percent cut of doing that— so he was absolutely right.
Democrats have made it perfectly clear they are doing their best to make it look like they are taking austerity measures— and in fact they are spending more and more.
Credit to Voice of Russia
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