According to financial magazine Forbes, $17 trillion is just the tip of the ice berg. The United States has nearly a hundred times that in long-term unfunded liability, According to Forbes, the total amount of unfunded liabilities is $126 trillion, or $1.1 million per U.S. taxpayer. While the US National Debt Clock may calculate that every man, woman and child owes $55,346 in funded liabilities, it is the actual tax payers that will end up paying over $1 million in both funded and unfunded liabilities to pay this debt back.
According to the Senate Budget Committee, $3.7 trillion has been spent on welfare which according to Forbes has contributed the most to the rising debt. Social Security is not an entitlement. Taxpayers pay into this fund and expect the money they put in to be there when they retire. The problem is our federal government keeps allowing those who have not paid into it to collect from it.
According to the Forbes report, 70% of all federal spending is on dependency programs. America still has a staggering 46.5 million Americans living in poverty today. A report by the Senate Budget Committee shows the federal government is spending more on welfare than on education and transportation. The transportation infrastructure in this country is in dire need of repair. The American Society of Civil Engineers predicts that if nothing is done by 2020, the US investment shortfall will grow to $1.1 trillion. If the federal government spent half of what they do on welfare to fix our crumbling infrastructure, it would not only create jobs but ensure a flourishing economy.