I’m talking about the $3 trillion pension gap faced collectively by the American states, the fact that Social Security liabilities now exceed inflows (the huge surplus was spent by the Feds- oops!) and staggering future liabilities in Medicare. The U.S. only collects enough money organically (via taxes) to cover less than a third of its outlays.
Two foreign wars, a crumbling global military empire, an economy teetering on the edge, and a looming entitlement crisis combine to create arguably the worst situation a new president has ever faced.
Just the other day my friend turned 21. I always thought the drinking age being 21 was absolutely ridiculous but seeing him make the transition changed my mind.
If, as Laura Edwins hopes (The Battle for America), Barack Obama and his ideas are “the future of America” then I am deeply worried about our already bleak prospects.