“We have $128 trillion worth of unfunded liabilities and the total net worth of our country is $94 trillion and we have another $17 trillion worth of debt.”
— Sen. Tom Coburn (R-Okla.), interview on NBC’s “Meet the Press,” Oct. 20, 2013
In making the case that the Affordable Care Act, a.k.a. Obamacare, will put a burden on the nation’s finances, Sen. Coburn uttered a breathtaking figure — $128 trillion in unfunded liabilities.
The $17 trillion in debt that Coburn also cited is a common figure for the national debt. It combines both debt held by the public (about $12 trillion) and intragovernmental debt ($5 trillion), which are bonds mostly held by Social Security and Medicare.
The US government promised Social Security/Medicare to every elderly American, but has made no attempt to safe up the large sums (it is a country with over 300 milllion inhabitants). Meaning the unfunded iabilities are time bombs under the country.
To prevent the US government engaging on a printing spree to pay all the claims on Medicare, it is needed that as many people as possible can lean on mutual aid societies, like people did in olden days.
In the past, there were mutual aid societies, but they may have died out with the advent of goverment’s totalitarianism. So society now has to start taking care of itself and exclude government. That is the only way people will be able to make do without PonziCare, and then they won’t have to apply for such unfunded liabilities, which may keep government from printing up money like Imperial Germany did, in order to meet it’s obligations, wrecking the economy.
Time to start acting, people! Don’t wait for the goverment to collapse, because that might not happen in time. Oh, ad also: time to formalize the blatantly obvious: declare bankruptcy on the US government, have it sell off property (as in every regular #bankruptcy case (#title11 or #Title18, or whichever) There isplenty property to sell off: heaps of guns and bombs, may be first smelted into clumps of recycled metal, if that makes people feel safer, that’s an option – although who would be angry at the USA? When it ceased to exist? Why attack it? The culprits have disappeared, there will be mno more provocations.