The coming total disaster that is the entitlement programs will be our undoing - consider this - they are more than equal to this bail out but happen every year for ever.
Will our 'do nothing' government fix this? Sure, but only if there is millions to be made for some in congress. Greed is the lever for representitives.
Heritage Foundation is trying to foucus our legistaltors to the coming catistrophic disaster.
Keep the faith -
Think $700 billion is a lot?
On Monday, the House of Representatives voted to block the $700 billion package to bail out the struggling financial sector. The Senate is expected to consider similar legislation Wednesday.
But even this staggering cost—and the $140 billion already spent to bail out AIG, Bear Stearns, Fannie Mae and Freddie Mac—pales in comparison to the massive bill taxpayers will face for runaway spending on entitlement programs.
A new Heritage Foundation graphic sent to news media demonstrates that this $840 billion is just a drop in the bucket compared to the long-term liabilities from Medicare, Medicaid and Social Security.
"Together, these programs hold unfunded obligations totaling $41 trillion - 60 times larger than the proposed Wall Street bailout," Heritage's Brian Riedl writes in the San Francisco Chronicle.
This is a real crisis we face, Riedl explains. "Imagine a taxpayer bailout even larger than what's proposed for Wall Street. Now imagine it recurring every year in perpetuity. That's our fiscal future unless we fundamentally reform these unsustainable entitlement programs."
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