Questions About the Unfunded Liabilities
The unfunded liabilities. What is their history? Where on Earth did they crawl from? We know that like a creature spawned from an alien ship crash, the ground in America shook during the twenty straight years of baby booming - and this is when the monster started coming out - attracted by the smell of food.
During the baby boom the population in the United States began to pop. Seeing the spike in Americans, the government decided to ramp up their promises of financial support for all of these people. The result was an enormous ticking time bomb - the unfunded liabilities monster.
From the 1940s moving forward, the government has been piling on financial promise atop of financial promise, and now we are all stuck with a bill numbering in the multi trillions and guaranteeing to swallow our income through ravaging taxation.
Why?
Because the government - our government, any government - has no money. The government is a container and hand of distribution - for your money. That means the government's debts might as well be on your balance sheet. Those tens of trillions of promises are not the government's, they are yours. To fund these unfunded liabilities, expect your taxes to swallow your life, like a vampire.
To really understand the nature of the monster, we must look only as far as the history of its components, so that is what we shall do.
Origin of Medicare and Medicaid
Medicare and Medicaid were created simultaneously. In 1965, three decades following the creation of Social Security, the Social Security Act was amended by President Lyndon B. Johnson to reflect various provisions and two of which were Medicare and Medicaid.
The push for government-administered financial assistance began in the early 1900s and gradually moved into acceptance. The idea has faced opposition in the United States largely because it is a distinctively socialist idea a bit outside the capitalist limits and individualist principles of this country.
Part of the gradual acceptance of medical insurance programs is due to the economic need of the nation, regardless of the political desires of the people. Specifically, the cost of healthcare has been growing out of control - out of people's pockets and causing them to enter into bankruptcy - and people are living longer - thereby increasing their trips to the doctor and chances of being bankrupted by medical expenses.
In a nutshell, the entitlement programs exist as a form of financial support during your greatest times of need - when your health is in danger and when you have no income upon retirement. The problem is that these safety nets, these liabilities - are unfunded - meaning there is not nearly enough money to provide for these people when they need it most.
Jelani Asar invites you to prepare yourself with shocking interviews for the economic nightmare of the Unfunded Liabilities Monster at http://usUnfundedLiabilities.wordpress.com. Call for a free income protection quote in Atlanta, Georgia today.
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