Economics Asked by TuanY on November 10, 2020
The national debt gets a lot of attention, but is only a small fraction of the total US unfunded liabilities (national debt, social security, medicare). If I understand these correctly, some of these unfunded liabilities are "future promises" like social security, medicare, ect. Supposedly, there is over $100 trillion in unfunded liabilities along with the national debt.
Leaving aside social security, if innovation suddenly made health care products and services much less expensive, wouldn’t "future promise" regarding health care costs suddenly be much cheaper in that the government wouldn’t need to pay out as much in promises? Wouldn’t this reduce the medicare part of the unfunded liabilities?
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