How much is enough? How much is too much?
USA Today reported on Tuesday that the United States government owes $62 trillion in unfunded obligations to such things as Medicare and Social Security. That comes out to $534,000 per household. Do you have that kind of money?
The breakdown in debt is as follows: $24.3 trillion for Medicare; $21.4 trillion for Social Security; $9.4 trillion in interest on the federal debt; $3.6 trillion for military retirement benefits; $2 trillion for federal employee retirement benefits.
This will mostly come from more borrowing, but we can’t afford to borrow more. There must be reform, but how many politicians are committed to reform. Congressman Paul Ryan is, but Democrats are demagoguing his Medicare fix. They have none of their own, but are using his as a political weapon, hurling false charges against him.
The next election will chart the course of our nation like none other. It’s a stark choice. We’d better make the right one.
Cal Thomas is a nationally syndicated columnist based in Washington, D.C.
This article published on June 9, 2011.