Medicare’s $35 trillion unfunded liability
by John Stossel
Obama must realize that government has no wealth of its own and that commandeering scarce resources from the private sector only stifles the economy. Deficit spending does this two ways. When the Treasury borrows money, it outbids private borrowers who would have put the money to productive use. When the Fed creates money, it depreciates the dollar, shifts purchasing power from the people to special interests, and — by tampering with the price signals — creates an unsustainable recovery that will collapse and throw people out of work when the inflation stops.
The 2009 deficit is projected to be $438 billion. Obama’s “stimulus” could take it up to a trillion and beyond. That’s just the beginning since the Democratic Congress’s spending wish list and Medicare’s $35 trillion unfunded liability loom.
DO WORRY ABOUT THE DEFICIT