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Politics : American Presidential Politics and foreign affairs
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To: RMF who wrote (36830)9/8/2009 8:31:55 PM
From: TimF  Read Replies (1) of 71588
 
O.K. then, we're in pretty good shape if Medicare, Medicaid and Social Security aren't really part of our "official" obligations.

There not part of any unofficial obligations either at least not in the sense of something that belongs "on the books". They aren't a balance sheet item, they aren't real debt.

OTOH why theoretically we could just stop paying them, there would be no default in doing so; practically the political forces behind them are probably too powerful to cancel the programs. Also people have made decisions and plans for their whole lives based on the existence of these programs. Combining those two points and canceling them probably isn't practical. But they can be reformed and reduced in cost. That will be very hard, but not impossible.
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