So far, I have been talking about funded debt. Unfunded debt is $99.2 trillion at current levels...and rising hourly. This is the debt that we owe to ourselves in the way of Medicare, Social Security, government retirements and so on. In other words, promises that can't be kept and so they won't. As a reminder, the unfunded debt is greater than the total wealth of all American households.
Many people want to blame one administration or another because that's easy. It isn't true, but it does make a person feel better as it soothes the economically uneducated person's fears of reality and makes recovery just one election away.
But speaking of reality, it's the system that's broke, not any one administration. In 1982, I'm sure that I wasn't the only person who saw the cracks in the foundation, and we could have fixed the problems with minimal discomfort. Today, it's far too late.
Wake up Middle America, change is coming. You can prepare today and avoid a lot of pain tomorrow.
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