What is this Unfunded Liabilities Monster?
Unfunded Liabilities Monster is a blog dedicated to providing information about the hideous financial monster living beneath the US economy, named unfunded liabilities.
What are unfunded liabilities?
Unfunded Liabilities definition – unfunded liabilities are the tens of trillions of dollars that the US government is expected to pay to US citizens in the form of social security, medicare, and medicaid.
Here is a chart from the Citizen’s Guide to the 2010 Financial Report of the US Government. This chart illustrated that total spending by the US (of which unfunded liabilities are a major component) is currently well beyond total income (receipts) and is projected to continue in this way until 2080.
Unfunded Liabilities are monstrous because of one reason. The United States does not have this money.
What does this mean?
This means that unless the US is able to experience a financial miracle, the millions of Americans expecting the nourishment of social security, medicare, and medicaid will be finding themselves feeling sickly and malnourished.
The Unfunded Liabilities Monster presents several issues with US finance and its reflection in personal finance – which we will be getting into throughout this blog.
Basically, it does not look good.
As a response to this probably non-existent safety net of unfunded liabilities, it seems wise to have some form of income protection.
In a nutshell, this blog is covering the reasons why developing income protection and financial self-sufficiency is becoming increasing vital in the United States because government financial support is unstable.
There are various methods of income protection. that may suffice, such as increasing income and saving money now, although in Unfunded Liabilities Monster, we will specifically focus in the need for insurance – such as disability, accident, or illness.
Again, we’ll be getting into unfunded liabilities throughout this blog and its relation to the need for income protection.
According to present data and common logic, learning the information presented in Unfunded Liabilities Monster may be among the most important information you learn in the coming years.