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You Think The Deficit Is Bad? Federal Unfunded Liabilities Exceed $127 Trillion
While federal unfunded liabilities are important, state-level unfunded pension liabilities also pose serious obstacles. In Texas, the recent 2013 Employees Retirement System (ERS) Valuation Report outlines the funding shortages this pension system faces and there is some indication it may be unable to pay beneficiaries by 2052. The federal unfunded liabilities are catastrophic for future taxpayers and economic growth. At usdebtclock.org, federal unfunded liabilities are estimated at near $127 trillion, which is roughly $1.1 million per taxpayer and nearly double 2012’s total world output. Read more…
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Underfunded, Raise the cap, Reformulate the payback rate per income level to ensure that Social Security *is* social security, and get the heck out of our money. Pay it back, damnit. Make sure it will still be there for generations to come. Guaranteed.