“This (unfunded liabilities and other US spending) is a growing problem over time.
It wasn’t created by the recession. It wasn’t created by the financial crisis.
It was created by decisions we made quite a long time ago, when we created so-called ‘entitlement programs’ – medicare, medicaid, and social security.”
– Alice Rivlin, Founding Director of the CBO, Senior Fellow in Economic Studies at the Brookings Institution