We’ve known about our entitlement problem for a very long time now.

But we’re like alcoholics or pill-poppers who insist that there really is no problem.

Here’s Bruce Bartlett on exactly how big our problem is, whether we admit it or not:

…the total unfunded indebtedness of Social Security and Medicare comes to $106.4 trillion…But the nation’s total private net worth is only $51.5 trillion, according to the Federal Reserve. In effect, we have promised the elderly benefits equal to more than twice the nation’s total wealth on top of the payroll tax.

He calculates that it will take an 81% tax increase – that’s federal income taxes – to pay that unfunded liability.

Hat tip Memeorandum