[quote=Allan from Fallbrook] You think this shit is a mess? Wait until you catch a whiff of the biggest unfunded liability on the planet: Medicare and Social Security. You’re talking $80Trn to $100Trn; numbers that absolutely dwarf the present crisis, both in terms of sheer magnitude and societal impact.
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Your point is well taken but the sheer magnitude of that liability is the kind of thing that begs the question of what will be done.
Obviously, if this expense were to be a catastrophically incurred, monetization (or even just paying out of reserves) would not be an option.
It would require an honest-to-dobbs paradigm shift.
Everyone would have to re-think how best to achieve the intended result.
Examples of previous expense-driven innovations:
-Universal health (British post-war)
-The automobile
-the pc
-Home loans of more than 50% LTV
I mean once the expense gets too big, the rules just change in a big way.
