“Have you ever wondered how much we as taxpayers actually owe because of commitments politicians have made on our behalf? Turns out, the answer is not as simple as you might think.
The place to start is with a report put out annually by the U.S. Treasury. There I learned that the federal government officially recognizes an outstanding debt of $17.5 trillion. This amount consists of $10.2 trillion in government debt held by the public, plus pension and retirement benefits owed to federal employees.”
Even these numbers are deceptive …
“So let’s see if I’ve got this right. I’ve been paying Social Security taxes for some 45 years or so and the federal government doesn’t officially admit that it owes me a dime. The same is true for 45 years of Medicare taxes. But it does admit that it owes pension benefits and post-retirement medical benefits to federal workers. As a taxpayer, I’m liable for all the promises the government has made to its own employees. But federal workers are not liable (necessarily) for all the promises the government has made to me”
Our Social Security and Medicare isn’t guaranteed but federal employee’s retirement benefits are …
” If today’s seniors get everything that’s been promised to them, they can expect to receive $12.8 trillion in Social Security and Medicare benefits beyond the estimated taxes and premiums that will be collected to fund those programs.”
Hold your nose and read the rest . It isn’t pretty