CRISIS: Medicare and Social Security are Underfunded by $175 Trillion
Social Security and Medicare are in crisis as they are underfunded by $175 trillion. Unfunded liabilities are financial promises made with no money held in reserve to support these promises. Corporations and non-profits are required to report the amount of liabilities or promises they have made that are outstanding. Responsible companies set aside funds to pay for these promises when they become due. The US government does not have to abide by these reporting and reserving measures. The bulk of government’s total liabilities are unfunded. As of the end of 2012, the actual liabilities of the US federal government— including Social Security, Medicare, and federal employees’ future retirement benefits—were estimated to exceed $86.8 trillion, or 550% of annual GDP. Today the amount of unfunded liabilities has increased astronomically.
more…
https://needtoknow.news/2024/03/crisis-medicare-and-social-security-are-underfunded-by-175-trillion/