The American Institute of CPAs (AICPA) issued an outstanding and understandable video that should be seen by every American. It is highly relevant to our country’s future, and certainly worth the ten minutes needed for viewing.
The International Monetary Fund has similarly addressed this topic, and concluded that the U.S. is broke. In a different study, the IMF recently provided suggestions for how to alleviate the problem, as described in this article.
Over two years ago, President Obama appointed a commission to address the solution. This article summarizes the conclusions. Unfortunately, the recommendations made by the President’s commission have been almost entirely ignored (including by the President).
Unfortunately, this is not really new. For example, here is a summary of the same U.S. financial report FIVE years ago. Delaying this further is just going to make matters worse.