I Have Confusion, Fear, and Pain
The unfunded liabilities have been a source of confusion, fear, and pain for Americans. Many are not sure what they are. Many are frightened by what they could mean. Many are pained by how they shame our nation.
Let's make this understandable. Simply said, the unfunded liabilities are the entitlement programs of Social Security, Medicare, and Medicaid; furthermore, the government is promising to pay trillions of dollars to people through these programs, yet has none of it set aside for this purpose.
When you research the unfunded liabilities you may find complex and unnecessary technicalities. Just know that the unfunded liabilities are Social Security, Medicare, and Medicaid. And know that the money is not there to pay them.
What Do the Unfunded Liabilities Mean for Me?
What does this mean for you and me? Why again, do we care?
We care because regardless if the name is social welfare, social insurance, Social Security, Medicare, Medicaid, et cetera - people still plan on having that money as their safety net. You are still paying for that safety net. I am still paying for that safety net. The government is still using our money, supposedly to pay for that safety net. The government is still promising to provide nearly 10 times more safety nets than it can actually get from us and supply to the tens of millions of people expecting their safety. The monster may have many faces and scents - although it still stinks and it is still ready to eat our financial future as Americans.
Medicaid is projected to require a total of $4.3t of spending by 2019 according to the Department of Health and Human Services. The projection is definitely a low-ball figure, although the point to remember here is that even though the size of the number is greatly significant, the most important point is that the money to pay for these expenses does not presently exist.
$4.3t may seem like a low payment by comparison to the massive debts of Social Security and Medicare although by comparison to the entire economy of the United State, at around $15t-$16t by 2019, this payment is huge. It is requiring nearly one out of every four dollars composing the US economy.
Actually, in order to keep up the pace with spending projections for Medicaid, the United States would have to cut spending in all other important areas of our economy and our life such as national security and education.
In fact, Medicaid spending is projected to require 67 percent of all spending by the federal government. That means nearly 7 out of every 10 dollars the US government has available to spend must go to the Medicaid entitlement program.
Someone is losing in this situation. Either the Medicaid beneficiaries get their health or the American people get their defense and education. Perhaps neither.
What is your protection?
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.
Article Source: http://EzineArticles.com/?expert=Jelani_Asar
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