THE ENTITLEMENT CRISIS AS A MORAL CRISIS
The U.S Comptroller General and head of the GAO, Government Accountability Office, has described the entitlements crisis facing this country as a "tsunami" that approaches while we continue to party on the beach.
What GAO head David Walker is talking about are the massive upcoming obligations under Social Security and Medicare that we have no funds to meet. Tens of trillions of dollars of supposed commitments, promises made to us by our government, that today we have no clue how we'll pay.
In those rare moments when our political "leaders" screw up sufficient courage to acknowledge this dark and ominous fiscal cloud hanging over us, the discussion is invariably technical. Proposed tax increases, cap increases, retirement age increases, benefit cuts, indexing -- all geared to "save the system."
But who has considered that, despite all the discussion about unfunded liabilities, what we really have on our hands is, at root and core, a moral crisis?