Gov't Owes Record $63.8 Trillion...

Taxpayers are on the hook for an extra $55,000 a household to cover rising federal commitments made just in the past year for retirement benefits, the national debt and other government promises, a USA TODAY analysis shows.

The 12% rise in red ink in 2008 stems from an explosion of federal borrowing during the recession, plus an aging population driving up the costs of Medicare and Social Security.

That's the biggest leap in the long-term burden on taxpayers since a Medicare prescription drug benefit was added in 2003.

The latest increase raises federal obligations to a record $546,668 per household in 2008, according to the USA TODAY analysis. That's quadruple what the average U.S. household owes for all mortgages, car loans, credit cards and other debt combined.

"We have a huge implicit mortgage on every household in America — except, unlike a real mortgage, it's not backed up by a house," says David Walker, former U.S. comptroller general, the government's top auditor.

www.usatoday.com...


wow, just wow.

$546,668 per household

speechless

reply to post by warrenb


Jeesh. Anyone wanna borrow me a few bucks, create a perpetual energy supply, or find a way to get mass resources out of space pronto? glhf gg.

Originally posted by warrenb
wow, just wow.

$546,668 per household

WHAT??????

That is absolutely shocking!!

The price of running an empire..

How is this going to work out for ye?

Crashing the dollar and bringing in a new currency doesn't seem so far fetched now.

reply to post by Dermo


Hey if that is there aim I think there doing a very good job at it. What better what to bring in the Amero or a global currency then to crash the worlds on reserve currency? Come to think of it this is looking more plausible with the way the government has been spending the past 30 years.