Free Republic

Social Security and Medicare are underfunded by $175 trillion. The nightmare arrives. In 2014 I published my first book while I was in Hong Kong. This book focused on the insane policies of the Obama/Biden regime and offered solutions that were working overseas. The biggest problem on the table was the massive amount of unfunded liabilities that were being created under the Biden regime. Below is what I wrote at that time (pp. 23-24). Even more alarming than the US’s annual deficits or federal debt burden is the amount of its unfunded liabilities. Unfunded liabilities are financial promises made with...

WASHINGTON, Feb 26 (Reuters) - President Barack Obama will forecast the biggest U.S. deficit since World War Two in a budget on Thursday that urges a costly overhaul of the healthcare system and would spend billions to arrest the economy's freefall. An eye-popping $1.75 trillion deficit for the 2009 fiscal year is projected in Obama's first budget, according to U.S. officials who briefed reporters on the numbers. That is equal to 12.3 percent of U.S. gross domestic product -- the largest share since 1945 when the country ran a shortfall of 21.5 percent of GDP.