Oddbean new post about | logout
 The current unfunded liabilities number is $159 trillion. Unfunded liabilities are the future obligations of the US government. The government has promised to pay these bills but they have not yet been billed (or funded.) The big share of these future obligations are Medicare and Social Security. (Both of which are hard debts that will grow at least as fast as the CPI, meaning they cannot be inflated away.) The governments promise is now impossible to keep. It's breaking now. Prepare accordingly.

 https://image.nostr.build/8bc4e3fd2110ae72c27b735c025d52722bf7d0872cfb5336c1f288f6187edf3a.png 
 Because they are future liabilities so you fund them in the future with tax revenue and/or debt.

They can keep the promise as they have been doing. The obvious point is that they would need to cut spending in other places, which they haven’t done, so money expand in currency is debased. 

They will continue to run a deficit like they have for decades. The dollar has been depreciating for over a century, nothing new here. 
 A house of cards will always eventually come crashing down.. it’s only a matter of time. 
 My understanding is that there are no other expense items they could possibly cut to make a dent in these two. The options are to fall on their obligations to pay these two, or inflate to pay them. I’ve heard senators suggest possibilities of improving American health to reduce the need for Medicare, etc as possible solutions but unlikely to be accomplished. 
 That’s what Robert F Kennedy is hoping to do under a Trump administration.