The national debt isn’t the only number that should worry you. With over $124 trillion in unfunded liabilities, the U.S. government has a huge problem that shows no signs of slowing down. The combined unfunded liabilities of Social Security and Medicare alone are more than $50 trillion, posing a serious risk to millions of retirees. Learn more in this episode of USMR Market Insights with Coy Wells.
Unfunded Liabilities: America’s Breaking Point? – Video Transcription
Coy Wells: 00:00
Unfunded liabilities are probably one of the most misunderstood and least talked about issues inside the United States that could be a potential ticking time bomb. To understand an unfunded liability, it is a liability or a debt that is not covered by an asset, such as income or collateral of equal or greater value. If we start looking into some of the unfunded liabilities inside the United States, they can range from social security, to federal debt held by the public, plus federal employee, veteran's benefits and even medicare to include parts A, B, and D. According to the U.S. Debt clock this morning, we are now sitting at around 124 trillion and approaching 125 trillion just in unfunded liabilities. In today's world, we throw around a million, a billion, and a trillion without truly understanding how much money that really is.
Coy Wells: 00:51
To put this in perspective to something we can actually understand, we know that there are 60 seconds in a minute and there are 60 minutes and an hour. How does this all break down? A million seconds is approximately 12 days. A billion seconds is approximately 32 years and a trillion seconds is approximately 31,656 years. The number becomes in comprehensible. So when you look at a financial obligation with no backing to future support sitting close to 125 trillion, when 1 trillion in seconds equals around 31,656 years, you have to start asking yourself what will be left in the future for the younger generation? We currently have around 10,000 baby boomers retiring daily and a country that is on a spinning path like no other. At some point in time there could be a breaking point most likely sooner than later and unfortunately those breaking points tend to fall on the shoulders of the American people. I ask you, are we just kicking the can down the road for the future generation and if so, what are they going to have to do to clean up this mess?
Coy Wells: 01:57
Share your thoughts in the comments section or feel free to reach out to other social media outlets to give us feedback on what you think should be done as a country to prevent this burden for our children and grandchildren. I urge you to take action today by getting U.S. Money Reserve's In Debt and Out of Time report. It has a lot of detailed information on gold and other precious metals that could be beneficial to you and your family. To get a copy, click on the link below or call the number on your screen. And if you liked this information today, please like and share this video. And if you're watching us from YouTube, please subscribe so you don't miss a single episode. For U.S. Money Reserve, I'm Coy Wells and thanks for watching Market Insights.