Well, here is a surprise. Our government is overspending again…by a lot!
The U.S.’s long-term financial obligations grew by another $2.5 trillion from last year. That means, if you factor in all the obligations such as Social Security, Medicare and other government programs, the debt is about $531,472 per household. (and you thought your Visa bill was high didn’t you?!)
The big liabilities from 2007…
Civil Servant Retirement: $106 billion
Social Security: $900 billion
Medicare: $1.2 trillion
The numbers are actually much worse when you get into accounting methods.
Corporations and states are required to count new financial obligations, even if the payments will be made later. Spoiler alert: Our government will not follow those accounting rules.
What does this mean? Medicare, for example, has an unfunded liability of $30.4 trillion. I guess the government better start looking under seat cushions in a real hurry.
Fine, I suppose this is where you look for some witty insights to my mind. A "bio" of sorts. Here is the deal... I ride motorcycles, smoke cigars, golf, kayak, fly, race my car through the mountains, write (a lot), and travel extensively. I am almost old enough not to care what other people think about me...almost. ~Godfadr
ANy chance I can set myself up as the national bank, and charge these guys $33 for every bad transaction??? I mean sure, it’ll add to the whole debt, but as long as they pay me, I’ll be okay!! LOL
Good thing we’ve had a Republican in office the last 8 years to keep spending in check. By the way, wasn’t it Clinton who at least offered up a balanced budget?
Good thing the US does not have a traditional bank account. The overdraft fees would be killing us!
We could just print more money.
Printing more money actually increases the debt… The Federal Reserve is a private entity that “loans” the government money… Thats where part of the interest comes from
Can I just write them out a check for my share and excuse myself from the current debtload? They can figure my share of what happens after that later.
Interesting Mike.
I wonder if the government would take a one-time buyout from US taxpayers? We pay some sort of sum now, but never have to pay again. Course, that would only work for the wealthy and they would just change their mind later…
WHAT?!?!? They won’t accept a check from an old closed account ad call it good?? I’m only trying to operate on government principles!
Yeah, you’re probably right…sigh
Guess I had better give up on the slim hope I was holding onto that I might collect a small amount of Social Security when I’m eligible in another 23 years. Can I just have the money to invest for my own retirement?
$2.5 Billion dollars a year is spent on Medicaid for illegal aliens.
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> Verify at: http://www.cis.org/articles/2004/fiscalexec.html