In other words, ObamaCare imposed 10 years of taxes to pay for six years of benefits and claimed the bill was paid for. The legislation initiated many of its new taxes immediately, but delayed its most costly benefits for four years. They did something similar with the Affordable Care Act (i.e., ObamaCare). But they want (and fully expect) to extend those programs indefinitely, with little or no thought to the fiscal impact on the federal budget. Democrats have imposed time limits on some of the new programs just to say the bill is paid for. How much? According to a new and more realistic estimate by the Congressional Budget Office (CBO), about $3 trillion over 10 years, which is the time span the CBO usually considers when “scoring” (i.e., estimating the financial impact) proposed legislation.Įven though Democrats say BBB is “paid for” – meaning new taxes will offset the new federal spending over the next 10 years – no honest person actually believes that. Now, Build Back Better will add to that debt. Since taxpayers will ultimately be responsible for both the $29 trillion federal debt and $163 trillion Social Security and Medicare unfunded liabilities, the present value of those two combined is about $572,000 for every man, woman and child in America - all 330 million of them. And the Debt Clock calculates the unfunded liability at $484,973 per citizen. The National Debt Clock has roughly the same figure: $161.6 trillion. If we combine Social Security and Medicare’s unfunded liabilities, we get $163.2 trillion. The trustees also estimate Medicare’s unfunded liability over the infinite horizon to be $103.4 trillion. The trustees estimate Social Security’s unfunded liability over both 75 years and what’s known as the “infinite horizon.” The unfunded liability over the infinite horizon is $59.8 trillion. Those future obligations are referred to as unfunded liabilities. Long term, Social Security owes beneficiaries a lot more money than it’s projected to receive from the payroll taxes that fund it. Fortunately, the trustees who oversee those two programs annually estimate how much that is. That $29 trillion ignores Social Security and Medicare’s current and future obligations. The National Debt Clock says that “debt per citizen” is currently $87,124. That’s money that we, as taxpayers, will have to pay at some point in the future - since all government debt is ultimately a claim that must be paid by taxpayers. Debt Clock puts federal debt at $29 trillion. Or you can learn about the debt problem and support policies that attempt to contain it – and maybe someday reverse the trend – which means opposing Democrats’ spending spree. You can make your check payable to the U.S. That’s not how much each household or adult taxpayer owes, but each man, woman and child in America - so nearly $2.28 million for a family of four. So let’s take a quick look at the current federal debt, plus the government’s “unfunded liabilities,” to see how much each of us owes to cover Washington’s debt and long-term obligations. There’s a lot of back and forth about how much the Democrats’ Build Back Better bill would add to the federal debt.
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