In response to Ron Kokish’s letter on Feb. 6, I feel compelled to point out both economic and moral errors with his argument.
First, while I agree with Kokish that our national debt totals $16.5 trillion, our national assets are nearer to $53 trillion versus the $65 trillion stated in his letter.
Secondly, every legitimate corporation on the planet uses generally accepted accounting principles, which mandate that corporations include any and all unfunded liabilities on their balance sheets. America’s unfunded liabilities for Social Security and Medicare combined total $87 trillion, while Medicaid’s unfunded liability totals $37 trillion. Obamacare will run $260 billion annual deficits with a present value unfunded cost of at least $9 trillion. Our combined unfunded liabilities total $133 trillion. When added to our national debt, the U.S. has liabilities of $149.5 trillion (an amount which is growing by at least $26 billion/day), vs assets of $53 trillion. In other words, America has a negative net worth of $96.5 trillion, an amount equal to $306,000 per American man, woman and child, and that negative net worth is the direct result of massive wealth redistribution schemes whose obligations we can never meet.
Since 1965, the U.S. has wasted some $15 trillion on poverty programs (accounting for 91 percent of our national debt) which as Kokish points out, have left 40 million Americans in poverty. Additionally, 62 cents of every dollar spent by the federal government is simple redistribution of income from rich, tax-paying scoundrels to Kokish’s impoverished millions, which has created generational dependence on government handouts.
So, while Kokish excoriates “the rich” and implies that social justice dictates ever more redistribution of wealth, I argue that it is precisely that goal of social justice that has bankrupted our country both morally and fiscally and set us on a vector towards economic suicide.
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