Unfunded liabilities in the tens of trillions of dollars, History

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Here is a recent quote from a major newspaper. Do you agree or disagree with the statement? Why? "The last superpower is unable to defend its borders, protect its currency, police its investment vehicles, win its wars, or balance its budget. Medicare and Social Security are headed for the cliff with unfunded liabilities in the tens of trillions of dollars. United States-welcome to third world."

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