Why don’t they tell us about these unfunded liabilities? Simple. They’re not real. You see, they are just promises to pay in the future. When push comes to shove the government can and will just wave a magic wand and these liabilities all go away. People will suffer but since when does big government care about that? Besides, what are they going to do, sue? Right.
That’s called a Jubilee, and I am convinced that it is going to happen. Wave the magic wand and cancel all the debts. Tough medicine indeed — but there is no Plan B.
They don't happen.