We all know about the insane deficit run up by these small government Republicans but a look at some of the other numbers predict a future nightmare for Americans. Thursday's article in the
San Francisco Chronicle The mortgage you didn't know you had, points out the obvious debt;
Washington politicians, especially on the GOP side, often complain about inheritance taxes. U.S. Comptroller General David M. Walker, however, thinks elected officials should be talking about "the birth burden," the $156,000 that represents each American's share of the $8 trillion federal debt, plus $35 trillion in unfunded spending promises. Every child born in America receives this dubious legacy: a $156,000 IOU.
But how does this sound? A $510,678 credit card debt for every American household courtesy of gross mismanagement of your tax dollar! A more reality based figure of the unfunded liabilities in American government comes in at $57.8 Trillion!
USA TODAY compiled a list of all taxpayer liabilities -- federal, state and local -- to provide a fuller look at the nation's financial condition. The numbers are based on official government reports.
Americans' government obligations are five times what people owe for mortgages, car loans, credit cards and other personal debt. The $57.8 trillion liability is the amount that government needs now, stashed away and earning interest, to generate enough cash to pay future obligations. The obligations are valued in today's dollars and come due as early as in a few days, when Treasury bills mature, to as long as 75 years for Social Security and Medicare.
Like an unpaid credit card bill, the balance grows every year -- about $25,000 per household annually.
Taxpayer liabilities grew 20% in the past two years, 13% above the inflation rate.
The numbers that USA Today put together to come up with that "Liability per household figure" are Medicare $263,377, Social Security $133,456, Federal debt $42,538, Military retirement benefits $25,443, State-local debt $16,395,Federal employee retirement benefits $14,256,State-local retirement benefits $13,257 and Other federal $1,956, for a grand total of $510,678 per household.
That is the equivalent of a $510,678 credit card debt for every American household. Payments on this delinquent tax bill must start soon if financial promises to the elderly are to be kept.
Well, get out your checkbooks!