The legal challenges that would ensue will prevent these 'unfunded' liabilities for disappearing. Some may be reduced to a degree, but a lot of the contractual obligations will never go away.
Posted on 11/05/2011 12:06:39 AM PDT by RobinMasters
It will be the latest sobering economic milestone that few were hoping to see: The U.S. national debt – any day now – will soar above the $15 trillion mark.
As of this writing, the total debt is $14.97 trillion, so moving beyond the symbolic $15 trillion is a foregone conclusion. When the unwelcome milestone is reached, it will come at a volatile time both in this country and abroad.
Across the Atlantic, President Obama is in Cannes, France, for the G-20 summit that takes place as Europe is trying to finalize a bailout for debt-ridden Greece.
Back on the home front, Obama is preparing for a difficult re-election fight next year. Republican candidates from Mitt Romney to Herman Cain have pounced on the country’s economic woes in their bids to win the GOP nomination and the chance to oppose Obama. Meanwhile, the Occupy Wall Street protests directed at the nation’s financial inequalities continue to rage across the country.
In Washington, a polarized Congress has ground to a halt in the dispute on how to jumpstart the economy and reduce the country’s deficits. Only a few months ago, the acrimonious debate on Capitol Hill about raising the debt ceiling – a debate that almost caused the Treasury Department to default on its debts – illustrated the enormous partisan divide that still shows no signs of improving.
(Excerpt) Read more at abcnews.go.com ...
The truth is that when the left gets on a class warfare jig, anyone who earns any money is eventually considered “rich” and up for heavy taxation.
All failure faces in the country get a whole party in power playing to loserville. All failure is blamed on those who are taxed.
Eventually the working poor and middle class realize that the government is the collector and distributor of the taxes and they never see a dime of it coming back to them. They never qualify for any of that “wealth transfer.”
The legal challenges that would ensue will prevent these 'unfunded' liabilities for disappearing. Some may be reduced to a degree, but a lot of the contractual obligations will never go away.
More likely, they’ll simply disappear through “attrition” . . . as thinly-disguised euthanasia policies at government-funded hospitals substantially reduce Social Security and Medicare outlays in the future.
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