Photograph: Jewels Martin
Today, February 18, 2019, we commemorate President’s Day – originally recognized as Washington’s birthday. While government employees enjoy a day-off, most of America’s working citizens will head to their respective places of work to keep our economy going.
While our politicians propose new deals and cater to special interest groups (spending more of your money) or other parochial issues, the elephant in the room is our nation’s debt of $22 trillion. America’s unfunded liabilities are estimated at $200 trillion. This is a national crisis! How can we leave the next generation which such a financial burden?
Bill Clinton’s era gave us $3 trillion in debt, George W. Bush before leaving office left the nation with $10 trillion (the banks were bailed out, not main street) and Obama added another $9 trillion. Keep in mind our military interventions since 2001 in the Southwest Asia and the Middle East (still ongoing) including taxpayer funds to protect Europe and the world have cost us some $6 trillion. Simply, without economic stability and economic growth generated by private investments, we can hardly repay our debt.
Members of Congress from both parties have failed to address America’s core problems.
Over the past centuries, immigrants from around the world have come to America seeking economic opportunity and certainty under and a rule of law.
If this trend of reckless spending continues, our nation’s greatest export may be its citizens leaving a nation which was once a beacon of the rule of law and prosperity.
What are unfunded liabilities? Briefly: Unfunded liabilities is money that our government has promised to our fellow citizens but its fulfillment is questionable, pending on availability of funds in the future – and technically, isn’t legally required to pay. The major areas include Social Security, Medicare and veterans benefits.