• If today’s seniors get everything that’s been promised to them, they can expect to receive $12.8 trillion in Social Security and Medicare benefits beyond the estimated taxes and premiums that will be collected to fund those programs.Bottom line: we taxpayers owe a great deal. In fact, we owe about five-and-a-half times what the government officially admits.
• If these promises to the elderly are counted as official obligations, federal liabilities would climb to $30.3 trillion — about twice the size of our entire economy.
• If we also include promises being made to all the young people who are currently paying (FICA) payroll taxes, the total climbs to nearly $84 trillion.
John C. Goodman is President of the Goodman Institute and a Senior Fellow at The Independent Institute. He is the author of the widely acclaimed book, Priceless: Curing the Healthcare Crisis. The Wall Street Journal and National Journal, among other media, have called him the "Father of Health Savings Accounts.”