At $42,200 per person, Social Security’s shortfall alone is about as much as the average person earns in a year. dailysign.al/2OXyjKQ @DailySignal
@DailySignal By the end of 2019, the debt will be close to $23 trillion. That amounts to a credit card bill of $69,200 for every man, woman, and child in America.
But that’s only the money that the government has explicitly borrowed. It doesn’t include any measure of “unfunded obligations”
@DailySignal Social Security’s unfunded obligations alone amount to $13.9 trillion. 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.
@DailySignal If Social Security’s shortfall wasn’t bad enough, it pales in comparison to Medicare’s $42.3 trillion in unfunded obligations. At $128,500 per person, a whopping $514,000 for a family of four, is already breaking America’s bank.
@DailySignal All combined, each American effectively owns $240,000 worth of U.S. debt and unfunded obligations—an amount equal to the average home price in the U.S. Just imagine having to pay two mortgages instead of one just to cover past government excesses.
@DailySignal While some politicians will be quick to blame this gargantuan bill on recent tax cuts, it’s excess spending—not a shortage of taxes—that’s driving America’s deficits and debt.
@DailySignal Raising taxes and making individuals and families more dependent on government programs isn’t just bad policy; it’s wholly un-American.
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.