Holy Fuck....
The nation has not incurred the debt of unfunded liabilities as of yet.
It has incurred the debt of 20 Trillion dollars, the majority of which is from Defense spending.
So follow along.
If it decides not to pay it's unfunded liabilities like SS and Medicare.....it would have a nation of pissed off citizens but it would not be in default with any other nation that had bought our debt. The dollar would still survive.
If it defaults on its current debt payments, then you have a currency problem. You turn into Venezuela. The dollar would be at a huge risk.
You are not living in reality shit for brains. People like you think there will not be a revolt if you stop paying retirement benefits and continue with a bloated Defense budget bigger than almost the entire world combined.
In summary....both entitlements and Defense spending need to be reduced. Taxes probably need to be raised, especially in this economic climate.
Originally Posted by WTF
Now follow along asshole, entitlements are indeed included in the national debt:
What Goes into the Current National Debt?
As indicated above, debt is the net accumulation of budget deficits. It is important to look at the top expenses, as they constitute the major factors of national debt. The top expenses in the U.S. are identified as follows (based on the Federal Budget 2016 Total Outlay Figures):
Healthcare Programs (includes Medicare & Medicaid): A total of $1.1 trillion (USD) is allocated to healthcare benefit programs, which includes Medicare and Medicaid.
Social Security Program/Pensions: Aimed at providing financial security to the retired, the total Social Security and other expenditures are $1 trillion.
Defense Budget Expenses: The portion of national budget which is allocated for military related expenditures. Currently, $1.1 trillion is earmarked for the U.S. Defense Budget.
Others: Transportation, veteran benefits, international affairs, education and training, etc. are also expenses the government has to take care of. Interestingly, the common public belief is that spending on international affairs consumes a lot of resources and expenses, but in truth, such expenditures lie within the lower rung in the list.
Read more: The National Debt Explained | Investopedia
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