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  • Leap in U.S. debt hits taxpayers with 12% more red ink

    Dennis Cauchon
    USA Today
    Friday, May 29, 2009

    Taxpayers are on the hook for an extra $55,000 a household to cover rising federal commitments made just in the past year for retirement benefits, the national debt and other government promises, a USA TODAY analysis shows.

    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)

    Leap in U.S. debt hits taxpayers with 12% more red ink  335x205 graph128c aj

    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.

    Full story here.

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    20 Responses to “Leap in U.S. debt hits taxpayers with 12% more red ink”

    1. Hal Says:

      Destroyed by design!

    2. Matzo Man Says:

      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

    3. Stardust Says:

      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:

      They will want to be paid in gold, not worthless paper! :)

      Oh wait a minute. That’s what they print for us!

    4. Madman Says:

      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.

    5. Crazy Horse Says:

      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:

      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.

    6. Big Wheel Stunt Squad Says:

      “O’er the Land Of the Fear…and The Home of the Debt Slave” –
      (Uncle Mikey)
      http://www.myspace.com/bigwheelstuntsquad

    7. truth911 Says:

      wana hear a joke ? if they the criminal government keep this up someone is going to get taxed to death

    8. wrath of ed Says:

      not on the hook for shit!!!!….not gonna pay it !!!!…let the whole fuckin criminal peice of shit implode!!!!!…fuckin little nazi bastards!!!!!

    9. pitofdoom Says:

      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.

    10. pitofdoom Says:

      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!!

    11. prospector Says:

      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.

    12. MrALEXJONES Says:

      New Channel – Updated Daily

      Helping bring the infowars to the sheeple!

      http://www.youtube.com/MrALEXJONES

      Come now and exclusively just for you
      “SCOOP” Aaron Russo’s Reflections and Warnings

      Thank you patriots for helping to awaken
      the people to the tyranny that is taking
      over our great nation!

      You are the REVOLUTION!

      POWER TO THE PEOPLE!!!

      A.J.

    13. Andy Jackson Says:

      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

    14. prospector Says:

      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!!!!!!

    15. prospector Says:

      Chrysler advertises they are building ‘ a new car Company”. NOT K-cars again !!!!!!!

    16. Mr. Green Says:

      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?

    17. Mr. Green Says:

      That’s ‘unconstitutional’, not ‘unconstituonal’…oops.

    18. GWScam Says:

      HaHa… they spend it on themselves and you keep owing it. It’s like keeping a whore with a credit card. I imagine !


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