First we’re told that Social Security and Medicare are facing bankruptcy, now we learn that taxpayers will be on the hook for yet another case of shortsighted government fiscal irresponsibility.
The Washington Post informs us that
"According to a new analysis by the Pew Charitable Trusts’ Center on the States, states owe employees about $2.73 trillion for pension and health-care costs, much of which is unfunded."
Unfortunately, the article doesn’t say how much is unfunded, but let’s do some quick math. Assume that half of the $2.73 trillion is unfunded, that gives us $1.365 trillion. To put that into perspective, there are currently 303.6 million people currently in the US (according to the US Census). That means every man, woman and child is facing a bill of roughly $4,500 to pay for the collective state liabilities. That adds up to $18,000 per family of four (and this doesn’t even include thousands of local government liabilities).
I’ve written about North Carolina’s situation recently.
Social Security, Medicare, state employee pensions and health benefits…what’s next? Is there any doubt that if "universal health care" is put in the hands of these same folks, the results will be anything else but financial disaster?