Over the years, I’ve shared many charts, graphs, and tables to help people understand that the welfare state is fundamentally unsustainable.
And, assuming there’s not genuine entitlement reform, many of these fiscal estimates show that the United States has a very perilous future.
According to the Bank for International Settlements, the United States is in worse shape than every nation other than Japan and the United Kingdom.
According to the Organization for Economic Cooperation and Development, the United States has a bigger long-run fiscal problem than all countries other than New Zealand and Japan.
And according to International Monetary Fund estimates of both future spending increases and the need for reform, no nation has a bigger problem than the United States.
So do all these numbers mean the United States is really in worse shape than basket cases such as Italy, Spain, Japan, France, and Greece?
Yes and no. I realize that answer makes me sound like a politician, but it is hard to answer that question because America’s grim long-run numbers are largely a function of rapidly rising health care spending.