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

Posted By admin On May 29, 2009 @ 9:18 am In Money Watch | Comments Disabled

Dennis Cauchon
USA Today [1]
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.

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Leap in U.S. debt hits taxpayers with 12% more red ink  335x205 graph128c aj [2]

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. [1]


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URL to article: http://www.prisonplanet.com/leap-in-us-debt-hits-taxpayers-with-12-more-red-ink.html

URLs in this post:

[1] USA Today: http://www.usatoday.com/news/washington/2009-05-28-debt_N.htm

[2] Image: http://www.efoodsdirect.com/products.html

[3] US Debt/GDP Hits Post WW2 High 99.5% Following $55 Billion Overnight Debt Increase: Total Debt Now Over $15.1 Trillion: http://www.prisonplanet.com/us-debtgdp-hits-post-ww2-high-99-5-following-55-billion-overnight-debt-increase-total-debt-now-over-15-1-trillion.html

[4] Total US Debt Hits $14.195 Trillion, $99 Billion Away From Debt Ceiling; Treasury Revises Breach Date To As Soon As April 15: http://www.prisonplanet.com/total-us-debt-hits-14-195-trillion-99-billion-away-from-debt-ceiling-treasury-revises-breach-date-to-as-soon-as-april-15.html

[5] Taxpayers face years of debt in bank salvage deal: http://www.prisonplanet.com/taxpayers-face-years-of-debt-in-bank-salvage-deal.html

[6] Real Debt? 65 TRILLION DOLLARS: Economist: http://www.prisonplanet.com/real-debt-65-trillion-dollars-economist.html

[7] Total US Debt Hits $16,369,548,799,604.93; Debt Ceiling Just $63 Billion Away: http://www.prisonplanet.com/total-us-debt-hits-16369548799604-93-debt-ceiling-just-63-billion-away.html

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