A Quote by John W. Snow
Social Security represents an $11 trillion unfunded obligation. And when I say unfunded obligation, I mean we have to come up with $11 trillion at some point to make the system whole.
Related Quotes
I think we'll build a consensus for action on Social Security reform which will reduce that long-term unfunded obligation and put the system on a sustainable basis.
For Social Security to be financially sound, the federal government should have $100 trillion - a sum of money six-and-a-half times the size of our entire economy - in the bank and earning interest right now. But it doesn't. And while many believe that Social Security represents our greatest entitlement problem, Medicare is six times larger in terms of unfunded obligations.
The real number of the US' obligations, unfunded obligations that we're passing on to our future generates is more like $70 trillion to $75 trillion. The vast majority of that is health entitlements - Medicare, Obamacare, Medicaid. There's also Social Security, interest on the debt. But fundamentally, health entitlements are the thing that will bankrupt our kids. We need to fix that for the long-term.
Do we really want the people who created $40 trillion of unfunded liabilities in Social Security and Medicare in charge of our health care? Faceless bureaucrats, power-lusting politicians, and people spending other people's money are a recipe for disaster.
And people really behaved in a fraudulent way or something, we'll go back and find the culprits later on. But that really isn't the problem we have. I mean that's where it came from, though. We leveraged up and if you have a 20 percent fall in value of a $20 trillion asset, that's $4 trillion. And when $4 trillion lands - losses land in the wrong part of this economy, it can gum up the whole place.
While the feds ... leave Social Security off their books, the government's obligation to make benefit payments to current and near-term Social Security recipients is certainly no less real than its obligation to pay interest on its Treasury bonds.
If social security depresses savings rates, it is only because it is unfunded.
The country has large unfunded liabilities - social security, health care, and there will have to be some adjustments to these problems. What is scary though is how much worse things have gotten in the last eight years, and the Iraq war is one of the main factors.
In an era of billion-person countries and trillion-pound economies, we need to find ways to amplify our voice. We are most likely to be heard when the Chinese negotiate with a £10 trillion E.U., not a £1.5 trillion Britain.
How many campaigns of your life have you heard candidates of both parties promise a fix for the Social Security system? And everybody's got a plan. Every damned candidate has had a plan, and yet it remains unfunded, biggest part of the budget, no end in sight, no solution has ever worked.
We have no obligation to make history. We have no obligation to make art. We have no obligation to make a statement. Our obligation is to make money.
I certainly don't mean to suggest that all investigative journalism prior to 9/11 in the US was praiseworthy. But there were more examples to which one could point, and there were at last some activist photographers who understood that getting information into the public sphere in spite of military censorship was a right and obligation within democracy. That strain in war journalism did nearly vanish during that time.
The world has produced about 1 trillion barrels of oil since the start of the industry in the nineteenth century. Currently, it is thought that there are at least 5 trillion barrels of petroleum resources, of which 1.4 trillion is sufficiently developed and technically and economically accessible.
From the peak in 2007 to the trough in 2009, Americans lost $11 trillion of net worth for households and businesses.
We have no obligation to make history. We have no obligation to make art. We have no obligation to make a statement. To make money is our only objective.
One of the major conclusions of the 9/11 Commission is that there were enormous security vulnerabilities in our immigration system. 9/11, in that sense, really begins the effort of our country to try to shore up our immigration system to deal with this very complex and very far-reaching threat.
Related Authors
Adam Smith Quotes
Scottish
Economist
Alan Greenspan Quotes
American
Economist
Benjamin Graham Quotes
American
Economist
Friedrich August von Hayek Quotes
Austrian
Economist
John Kenneth Galbraith Quotes
American
Economist
John Maynard Keynes Quotes
English
Economist
Joseph Stiglitz Quotes
American
Economist
Ludwig von Mises Quotes
Austrian
Economist
Milton Friedman Quotes
American
Economist
Muhammad Yunus Quotes
Bangladeshi
Economist
Murray Rothbard Quotes
American
Economist
Paul Krugman Quotes
American
Economist
Richard Thaler Quotes
American
Economist
Robert Reich Quotes
American
Economist
Thomas Sowell Quotes
American
Economist
Walter E. Williams Quotes
American
Economist