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Leap in U.S. debt hits taxpayers with 12% more red ink
Dennis Cauchon
USA Today
Friday, May 29, 2009
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.
(ARTICLE CONTINUES BELOW)
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.
USA TODAY used federal data to compute all government liabilities, from Treasury bonds to Medicare to military pensions.
Bottom line: The government took on $6.8 trillion in new obligations in 2008, pushing the total owed to a record $63.8 trillion.
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20 Responses to “Leap in U.S. debt hits taxpayers with 12% more red ink”
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May 29th, 2009 at 12:30 pm
Destroyed by design!
May 29th, 2009 at 12:44 pm
No problem. Relax.
We just print some trillion dollar notes like they do in Zimbabwe, a country that we are trying to emulate.
And we are following our new Constitution for a change [a "Change We Need"(TM)]:
http://www.anu.edu.au/polsci/m.....festo.html
May 29th, 2009 at 1:55 pm
When you get the bill, just forward it to the Federal Reserve. Attach a note, “Here is payment in full for services rendered.”
Matzo Man Reply:
May 29th, 2009 at 2:36 pm
They will want to be paid in gold, not worthless paper!
Oh wait a minute. That’s what they print for us!
May 29th, 2009 at 3:59 pm
Slavery via debt…
Yessa massa Obama, I’s uh be picken dat cotton… don’ts has da Police beats me again massa… I’s picken da cotton fassa.
May 29th, 2009 at 5:58 pm
Very soon you will be seeing the VAT or Value Added Tax added to EVERY purchase made which is actually a National Sales Tax and will hit you with 25% of the purchase price of all the high tech Chinese junk you continuously buy.
Madman Reply:
May 29th, 2009 at 8:06 pm
25% tax on all Chinese made products, humm, since nothing is made in the USA anymore except guns, that tells me where to spend my money.
May 30th, 2009 at 2:34 am
“O’er the Land Of the Fear…and The Home of the Debt Slave” –
(Uncle Mikey)
http://www.myspace.com/bigwheelstuntsquad
May 30th, 2009 at 4:12 am
wana hear a joke ? if they the criminal government keep this up someone is going to get taxed to death
May 30th, 2009 at 5:20 am
not on the hook for shit!!!!….not gonna pay it !!!!…let the whole fuckin criminal peice of shit implode!!!!!…fuckin little nazi bastards!!!!!
May 30th, 2009 at 12:53 pm
Get a military map off all bunkers, cement over the lid’s, so th elect can enjoy some early morning radation burns with the rest of us worthless “we the peopel” eaters.
May 30th, 2009 at 12:56 pm
There was a time not long ago that I dreaded my slave reality,
I now find it hilariously laughable!!
For I know I did not lie, cheat nor steal from my fellow,
I may be at the bottom, but it sure feels cleaner then the top appears!!
May 30th, 2009 at 1:13 pm
There has got to be a way for all honest law abiding citizens to unite & just all refuse to pay income tax. Don’t know how to do it, but wish I did. Tough for one to stand alone, but I guess it has been done. Cutting off the money would put the D.C. thieves out of business in a hurry.
May 30th, 2009 at 6:59 pm
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May 31st, 2009 at 11:26 am
The Federal Reserve (a private for profit corporation-read MAFIA) since it’s inception in 1913 has created every Federal Reserve Note or computer entered dollar by LOAN. Someone, whether the government, or the individual has applied for a loan and the money was created from thin air on the signature of that “person”. No bank will loan without collateral- so wheres the collateral? You the flesh and blood man/woman became the collateral for the loan, whether it’s to you for a house,etc or to the government. Under the constitution we are sovereign, but under contract law – WE the People, owe. The problem is we never signed a contract to pay for government loans and were decieved into it. How? Watch http://www.tpuc.org/node/558
May 31st, 2009 at 4:51 pm
Why do these thieves disregard all parts of the constitution EXCEPT the part about income tax, which was never ratified ?????? Cut off the money !!!!!! These sorry bastards don’t deserve to even be paid!!!! Ads on T.V. ….. “we will get through this”, CRAP !!!!!!!!! Why do most sheeple want to just roll over & take it ???????? Beg, buy, borrow, or steal a pair !!!!!! “Cause if you agree with their propaganda, you don’t have any!!!!!!
May 31st, 2009 at 6:59 pm
Chrysler advertises they are building ‘ a new car Company”. NOT K-cars again !!!!!!!
May 31st, 2009 at 9:39 pm
Well I’ll be shnookered…If they try to incorporate it into next year’s tax forms, what are they going to do if the exposure of the unconstituonal fraud of paying federal taxes based on wages reaches such a critical head, that NO ONE files, and EVERYONE keeps what is rightfully theirs?
May 31st, 2009 at 9:42 pm
That’s ‘unconstitutional’, not ‘unconstituonal’…oops.
June 1st, 2009 at 12:23 am
HaHa… they spend it on themselves and you keep owing it. It’s like keeping a whore with a credit card. I imagine !