Economist: "The biggest bill in history"
Not since the second world war have so many governments borrowed so much so quickly or, collectively, been so heavily in hock. And today’s debt surge, unlike the wartime one, will not be temporary. Even after the recession ends few rich countries will be running budgets tight enough to stop their debt from rising further. Worse, today’s borrowing binge is taking place just before a slow-motion budget-bust caused by the pension and health-care costs of a greying population. By 2050 a third of the rich world’s population will be over 60. The demographic bill is likely to be ten times bigger than the fiscal cost of the financial crisis.H/T Maggie's Farm. I'm so weary of repeating this, but I'll give it another try. There's no point searching under the couch cushions for money to pay for universal health care. That money has been spent a long time ago to pay for Social Security and Medicare. There's nothing left. It's gone.
"The system is unsustainable." Any of this getting through? For heaven's sake, let's not pour gasoline on the fire with a public health care program that will tip us permanently into European socialism.