Truth in the Elections

Why the Official Debt is Not the True Debt?
1/25/2010
Does the federal government owe our seniors the Social Security and Medicare benefits they have been promised?

To calculate the "true" debt the Institute adds the Social Security and Medicare benefits that have been promised to our seniors. The federal government does not include these commitments as liabilities on their balance sheet. The official stand is that the government does not owe anybody Social Security any benefits beyond the checks that have been written.

What do you think?

would like to understand our real debt.

Posted by George Harris on 1/25/2010 5:26:38 PM

You can find a more detailed explanation of our true debt at: http://truthin2008.org/content/?articlesource=439

Posted by Sheila on 1/25/2010 5:28:15 PM

I agree SS, and MC benefits should be part of the debt. Though getting rid of these, would mean a lot of folks would die, or they would be in the streets. That's not the kind of country I want to live in. Is that what you want Shelia? This country can afford to take care of it's own (well once upon a time), if it wasn't so corrupt, in debt, and stupid!

Posted by Rick on 2/2/2010 8:50:57 PM

I have no opinion on whether we should get rid of SS and MC benefits. I just want the government to be honest about the fact that these promised benefits are a liability of the federal government.

Posted by Sheila on 2/2/2010 8:54:44 PM

well, the reality is that with an act of congress Social Security and medicare can be eliminated. Most likely they will disappear, perhap a phase out and paying for those people that are age 75 today. They have to stop the current structure,it is just not their.Congress has spent too much since 1980. I dont expect SS benefits and neither should you.

Posted by Hugh Hotson on 2/12/2010 7:34:45 PM

Would really like to see all military related spending and black ops budgets added to these totals.

Posted by Mark on 4/11/2010 6:18:12 PM