Here’s something scary to think about from Bill Frezza:
…According to the most recent Social Security and Medicare trustees report, the unfunded liabilities of these New Deal and Great Society programs exceed $100 trillion dollars. Add the unfunded Medicaid mandates imposed on the states along with the pension liabilities of millions of federal, state, and local government employees and the total becomes almost impossible to comprehend.
Try this on for size. If you confiscated the entire Gross Domestic Product of the US for ten years you couldn’t cover all these liabilities.
Confiscate the GDP? That’s Communism! OK, how about confiscating half the GDP? Too late, that money is already spoken for.
Combined Federal, State, and Local government spending is now at 37.5% of GDP and heading north. The European Union, our Progressive model, has already passed the 50% mark.
Note that these confiscatory levels of taxation can’t even cover this year’s spending. None of the money already being diverted from the economy is being used to shore up the aforementioned liabilities. These not only remain but are swelled by annual deficits.
Get the picture? Obama just handed the American people an empty gift box. Good luck collecting…