US has $99.2 trillion in unfunded liabilities

30 May 2008 by Mike Gogulski
Posted in economics | No Comments »

From Lee Rogers at Intel Strike:

The head of the Federal Reserve Bank of Dallas, Richard W. Fisher recently spoke in front of the Commonwealth Club of California. In his speech at the club, Fisher remarked that the unfunded liabilities from Medicare and Social Security adds up to $99.2 trillion. Assuming Fisher’s figures are accurate, this country cannot possibly pay off the debt and fund these unfunded liabilities from the Medicare and Social Security programs. The official government debt is approaching $10 trillion and combine that with these unfunded liabilities and it is obvious that this country is broke. It is broke because of this phony fiat currency system that allows the Federal Reserve a private central bank to print money out of thin air with little to no oversight. It is insane that a private institution is allowed to maintain a money monopoly by creating credit out of thin air when the government can do the same thing without paying interest.

We hear ya, Lee.

Anyway, when’s the next American Idol on?

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