[ExI] Federal Fiscal Shortfall Nears $1 Million Per Household

[BillK]

The U.S. Treasury has published a major report revealing that the
federal government has amassed $124.1 trillion in debts, liabilities,
and unfunded obligations.
By James D. Agresti      May 5, 2022

<https://www.justfactsdaily.com/federal-fiscal-shortfall-nears-1-million-per-household>

Quotes:
Although the report discloses information of crucial import to the
citizens of the United States, Google News indicates that no major
media outlet has informed anyone about it since it was released on
February 17, 2022.

Contrary to the media narrative that tax cuts and military spending
are to blame for the runaway national debt, the primary cause is
greater spending on social programs which provide healthcare, income
security, education, nutrition, housing, and cultural services. These
programs have grown from 21% of all federal spending in 1960 to 73% in
2020.
Under current laws and policies, CBO projects that almost all future
growth in spending will be due to social programs and interest on the
national debt.

While some believe the U.S. government can spend and borrow with
abandon because it can print money, one of the most established laws
of economics is that there is no such thing as a free lunch. The
prolific economist William A. McEachern explains why this is so:

There is no free lunch because all goods and services involve a cost
to someone. The lunch may seem free to you, but it draws scarce
resources away from the production of other goods and services, and
whoever provides a free lunch often expects something in return. A
Russian proverb makes a similar point but with a bit more bite: “The
only place you find free cheese is in a mousetrap.”
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Don't worry!   Limits don't exist for us!   Yee-Ha!

BillK