Financial Disaster Looms For America: $106 Trillion In Unfunded Obligations Mounting Up Over 30 Years

Thursday, June 20, 2013 by: J. D. Heyes

(NaturalNews) Listen. Can you hear it?

It’s a steady, rumbling sound and it is gradually rising in intensity.

That is the sound of an approaching economic tsunami, one which will consume America and destroy her future.

It is faint now, but not too faint. It is distant – but not too distant.

It will be here before you know it. And when it arrives, it will ravage everything in its path.

Surely our elected leaders hear the rumbling too. How could they miss it?

And surely they are taking the matter seriously, because they aren’t really all-consumed with just the next election cycle. No, they truly do want what is best for the country, partisan politics aside, right? After all, they are Americans too, and they – like all of us – are in the path of this growing economic tsunami?

Right?

If only.

More money than the world has

The good news is at least some lawmakers are concerned about the enormous amount of money in benefits – $106 trillion within the next three decades – that past generations of congresses have promised Americans, in order to secure their votes and remain in power.

At least some lawmakers are aware that there simply isn’t enough money on the planet to pay those benefits, and are trying – though largely in vain, at the moment – to head off the approaching economic tsunami. But will it be too few – and too late? Is Washington’s culture of buying votes with the federal treasury too ingrained to alter course?

Sen. Ron Johnson, R-Wis., is one of the few. He and a group of Senate Republicans recently bypassed the Congressional Budget Office, which traditionally only projects budgets and spending out for a decade, and did their own 30-year project. What they came up with was economic Armageddon: $106,954,000,000,000 in the red, and that was the medium estimate (the range was a low of $72 trillion and a high of $120 trillion, as reported by National Review magazine).

“In all of these budget negotiations, we’re really trapped by this ten-year budget window, which, truthfully, minimizes the problem,” Johnson says.

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