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Are you paying attention?

The entitlement programs in Greece are collapsing under debt. Protesting is turning violent.

http://online.wsj.com/article/BT-CO-20110615-710550.html

What will that mean for the US when the walls come crumbling down here? We have seen the very tip of the iceberg already in Wisconsin. The US is actually in worse shape than Greece.

When adding in all of the money owed to cover future liabilities in entitlement programs the US is actually in worse financial shape than Greece and other debt-laden European countries, Pimco`s Bill Gross told CNBC Monday.

Much of the public focus is on the nation`s public debt, which is USD 14.3 trillion. But that doesn`t include money guaranteed for Medicare, Medicaid and Social Security, which comes to close to USD 50 trillion, according to government figures.

The government also is on the hook for other debts such as the programs related to the bailout of the financial system following the crisis of 2008 and 2009, government figures show.

Taken together, Gross puts the total at "nearly USD 100 trillion," that while perhaps a bit on the high side, places the country in a highly unenviable fiscal position that he said won`t find a solution overnight.

http://www.moneycontrol.com/news/features/usisinevenworseshapefinanciallythangreecegross_556995.html

Answer Question
 
Carpy

Asked by Carpy at 4:09 PM on Jun. 15, 2011 in Politics & Current Events

Level 39 (114,053 Credits)
Answers (17)
  • What is the solution? or what should be done?
    ochsamom

    Answer by ochsamom at 4:12 PM on Jun. 15, 2011

  • What will that mean for the US when the walls come crumbling down here?


    The U.S. is comparable to Greece? our economies??

    sweet-a-kins

    Answer by sweet-a-kins at 4:15 PM on Jun. 15, 2011

  • It's a scary scenario, no doubt. Tough decisions must be made whether we like it or not.
    sopranomommy

    Answer by sopranomommy at 4:29 PM on Jun. 15, 2011

  • Some of us are. Some of us have been. And ... some of us keep on yapping about how great a job the idiot in chief is doing and how rosy the future is looking.

    We've spent the past two years getting ready for things to crash because if some seriously hard choices aren't made soon, that is what is going to happen. If the hard choices are made, Greece is going to look like a serene park in comparison to the mess we'll have here. All it takes is a look at what happened in NOLA after Katrina to prove that point. Logic says that when you cram more than 50,000 people in a large town (more in cities) and stop federal benefits because there are no more funds that things will get ugly real soon.

    My only consolation? TSA might well get what is coming to it because at that point it won't just be welfare people out rioting, looting, and stealing ~ many won't have the skills to do anything else in order to eat or feed their families.
    Farmlady09

    Answer by Farmlady09 at 4:45 PM on Jun. 15, 2011

  • Oh yes! I'm paying attention ... what do we do about it? Stop spending $$$$ on welfare programs ... people WILL survive without the government, let's do it before the government destroys our currency.
    -Eilish-

    Answer by -Eilish- at 4:54 PM on Jun. 15, 2011

  • The U.S. is comparable to Greece? our economies??


    If you want to take a serious look at the probability of each defaulting on theirNational Debt, YES~ they ARE comparable... If you want to put your head in the sand, then nope~ carry on with your dirt tasting...

    grlygrlz2

    Answer by grlygrlz2 at 5:00 PM on Jun. 15, 2011

  • For one, we need to stop mixing budget decisions with emotional exagerations.
    Dkhilly

    Answer by Dkhilly at 5:02 PM on Jun. 15, 2011

  • Yep.
    tasches

    Answer by tasches at 5:09 PM on Jun. 15, 2011

  • Yes, it is very scary. We are very close, if not already there, to a nation that pays out more to people (welfare, SS, medicaid, medicare, etc) than it takes in. You can not do that and survive.
    DSamuels

    Answer by DSamuels at 5:48 PM on Jun. 15, 2011

  • Definitely too much $$ going into entitlement programs.....Too much money being pissed away everywhere else too!!  Everybody wants change but nobody wants it to effect them. 

    skittles1108

    Answer by skittles1108 at 6:10 PM on Jun. 15, 2011

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