23How the United States Could Go Broke
UNFORTUNATELY, IF THE UNITED STATES CONTINUES DOWN ITS current economic path, driven by a combination of altruism, pragmatism, and the related “free lunch” mentality, we have a recipe for economic disaster. The forces that could make such a disaster the most likely outcome in 20 to 25 years are currently in motion.
Our government has made huge commitments that it cannot fulfill as promised. The unfunded liabilities under social security, Medicare, state and local public employees’ pension plans, and the new healthcare program are quickly approaching $100 trillion. The federal government’s annual operating deficit is almost $1,3 trillion, and it is likely to remain high indefinitely into the future.1
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