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Sunday, July 17, 2011

Your Share Of Uncle Sam's Debt: $534,000.00

The gap between the money Washington takes into its coffers to pay its IOUs and what it actually owes on those IOUs is taking on Grand-Canyonesque proportions, with unfunded liabilities hovering around $62 trillion, according to a USA Today analysis.

Yes, trillions, and trillions. And that breaks down to a staggering $534,000 per U.S. household, USA Today's analysis finds. By the end of September, another $5,240 that has accumulated will push the household share to nearly $540,000.

Last year, the government incurred $1.5 trillion in new debt to cover budget deficits. Also last year, the government added $5.3 trillion to the amount it owes in new financial obligations.

Repeat such patterns year after year, and it's no wonder how these liabilities mount up. Most of those obligations are the result of programs such as Medicare and Social Security.

More here

1 comment:

Anonymous said...

OK, I'll get out my checkbook. Where do I send it?