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US Treasury releases report of 175 trillion dollar deficit. Medicare and Social Security are facing a substantial underfunding crisis, amounting to $175 trillion according to a recent report by the U.S. Treasury It means the sustainability of these programs for the current generation of American children is at risk unless significant changes are implemented The deficit of $175 trillion exceeds the entire economic output of all countries on Earth suggesting Medicare and Social Security may struggle within the decade Below excerpt article reported by Gordon, J. (2024, March 2). Medicare and Social Security are both in crisis as underfunding hits $175 TRILLION - almost double the economic output of every country on Earth. Daily Mail "Medicare and Social Security are in crisis and face significant challenges according a report from the U.S. Treasury Department which indicates the programs are both underfunded to the tune of a $175 trillion." "The report suggests that if the current trends continue the programs may not be around when the current generation of American children reach retirement age unless substantial changes are implemented." "Projections suggest that Medicare and Social Security may struggle to meet full benefit obligations within the next decade, with factors like inflation and economic output adding strain due to insufficient funds coming in to support these programs." "'If you take up the entire economic output of every country on planet Earth, it's about $100 trillion. The unfunded liability that U.S. taxpayers face over the next 75 years is $175 trillion,' Adam Andrezejewski of openthebooks.com stated." "In showcasing the magnitude of the situation, Andrezejewski compared the unfunded liability to the entirety of federal spending since the inception of the United States in 1787." To read full article, click here Image from Congressional Budget Office Legal Disclaimer: INFYNIT is providing the content here for educational purposes only. All opinions are of the original author and not an opinion of INFYNIT or any of its affiliates. For INFYNIT Premium Members see the full News Report>>here #GlobalNews #US #SocialSecurity #Medicare #Treasury #Insolvant