As our "leaders" are out telling everyone what a great job they did with the stimulus package - bringing the economy from the brink (oh yeah, prove it) You, me and all the taxpayers are on the hook for an extra $55,000 EACH to cover insane, unchecked federal commitments made to retirement benefits, the national debt and other government promises such as rainbows and unicycles for every household
The 12% rise in red ink in 2008 stems from an explosion of federal borrowing, plus an aging population driving up the costs of Medicare and Social Security. Thanks baby boomers!
That's the biggest leap in the long-term burden on taxpayers since a Medicare prescription drug benefit was added in 2003. That's all George Bush trying to get Jeb's state.... and it worked by the skin of his teeth.
The latest increase raises federal obligations to a record $546,668 per household in 2008. Even USA TODAY did an analysis of it. Where do you think I snagged that graphic?
So what? Well, 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. In other words, you don't have anything to show for it.