The Debt Clock reports that our national debt is $14 Trillion. A scarier part of the report shows unfunded liabilities is $112.8 Trillion.
The national debt is the amount of money we borrowed in the past. The unfunded liabilities is money that the US must pay out in the future.
The debt ceiling is a limit on the first figure ... the amount we are currently borrowing. Attempts to control our debt with a debt ceiling fails because the unfunded liabilities keep come due forcing Congress to raise the debt ceiling.
Now, the United States must find a way to control its debt. My suggestion is that we need to start this process by creating an agressive cap on unfunded liabilities.
Cutting unfunded liabilities first will present politician from spending the resources of our children for today's political gains. A cap on unfunded liabilities also makes it easier for future congresses to pass sane budgets.
I believe it prudent that we demand both a debt ceiling and an unfunded liability ceiling.
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