Who is David Walker? He was Comptroller General of the United States and spent most of his time sounding the alarms about the financial situation of the United States. He proclaims that our current standard of living is unsustainable unless drastic action is taken. He warns that funding shortfalls for the Medicare program is five times worse than Social Security, and it will take $8 TRILLION to pay for what is promised today to beneficiaries, of which we have ZERO!

This unrealistic “promise” is fiscally irresponsible and is mortgaging the futures of our children and grandchildren.

Unfortunately, politicians have squandered away what was meant to be saved for future entitlement program payments leaving huge unfunded liabilities to tune of some $55 Trillion dollars. Boomers have paid into these programs all their lives and they deserve this money. Too bad the money has been stolen (redirected to large corporations). With a retiring baby boomer generation just starting to hit their golden years, this is going to get ugly.

You won’t get much insight into the root causes from this piece on 60 Minutes, but it does help to see this information coming from the mouth of authorities.

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