Between the over $22 trillion of official debt and the $56 trillion of unfunded obligations (money the government doesn’t have but has promised to spend), each American collectively owns $240,000 worth of U.S. debt.
“Social Security’s unfunded obligations alone amount to $13.9 trillion,” Benjamin Paris and Rachel Greszler at the Daily Signal reported. “This means that, over the next 75 years, the government has promised to pay out $13.9 trillion more than it expects to collect in payroll taxes.”
As Paris and Greszler pointed out, “it’s excess spending—not a shortage of taxes—that’s driving America’s deficits and debt. After all, the tax cuts represent a much smaller percentage of gross domestic product than Social Security’s rising shortfalls.”
Yet the public still cries for increased government spending on Social Security, Medicare, Obamacare, and handouts like the “Green New Deal” and student debt relief.
Rachel Kookogey is a contributor to TheRichValdes.com
Follow on Twitter @rach_kookogey
H/T: Daily Signal