Every Household owes $546,668 in US Govt Obligations

USA Today Article

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.

Keep in mind this was just through 2008. This doesn't even include Obama's massive spending.

Anyone debating whether or not this is up the creek without a paddle, consider this....

reply to post by johnny2127


Gov't Owes Record $63.8 Trillion...
www.abovetopsecret.com...

reply to post by johnny2127


I wonder what people will do when the gov't defaults and our creditors come calling on all of us to make good.

Originally posted by exile1981
reply to post by johnny2127

 

I wonder what people will do when the gov't defaults and our creditors come calling on all of us to make good.

We've got a military for a reason.

Originally posted by Xtraeme

Originally posted by exile1981
reply to post by johnny2127

 

I wonder what people will do when the gov't defaults and our creditors come calling on all of us to make good.

We've got a military for a reason.

Not if we aren't paying them we don't......... Get my drift?

Well I suppose they will start doing this......

www.abovetopsecret.com...

Then when that starts happening on a grand scale...you will see the new revolution start....and it will start and it will be very bloody. Just my opinion.

So the Government chastises the banks and lenders for getting us into an economic tsunami yet our corrupt and fat leaders are doing the exact same thing. Can you say circle jerk? It's the same old thing but with a different face.

reply to post by exile1981


Most of that money is owed to us to pay future social security and medicaire benefits. These programs are undefunded because people don't get paid enough. Double the pay of everyone earning less than $25 a hour and most of the shortfall goes away. Sure prices will go up but at least we won't have so much "projected" debt.

Originally posted by bismarcksea

Originally posted by Xtraeme
We've got a military for a reason.

Not if we aren't paying them we don't......... Get my drift?

At that point history would repeat itself.

Just like Rome those who have charisma, military experience, and the loyalty of the soldiers beneath them, would wield obscene power. If those leaders are Constitutionalists they'll maintain the status-quo, US law, keep our enemies at bay and/or seize the resources of foreign world powers.

If not, same sh!# different century.

[edit on 29-5-2009 by Xtraeme]

Originally posted by disgustedbyhumanity
reply to post by exile1981

 

Most of that money is owed to us to pay future social security and medicaire benefits. These programs are undefunded because people don't get paid enough. Double the pay of everyone earning less than $25 a hour and most of the shortfall goes away. Sure prices will go up but at least we won't have so much "projected" debt.

I wasn't going to respond but I couldn't stop thinking about your comment. I can't believe you said this. The only reason I am responding is an attempt to educate - it's not meant to demean you.

These programs are NOT underfunded because people don't get paid enough, they are underfunded because the past politicians have raided it dry!

Double the pay of everyone earning less than $25????? Ok... social security benefits are based on your income and immediately become a debt the government should pay you (supposed to be will pay you) when you get to retirement age. If you double the pay of everyone earning less than $25 an hour then you are doubling the amount of debt that they have to carry on their balance sheet. Doubling these jobs pay would also increase the numbers of companies taking their business outside of the U.S. thereby reducing tax revenues.

Reduced tax revenues and increased debt hardly looks like a good solution to me.

[edit on 29/5/2009 by Iamonlyhuman]

Lest we forget, Obama is just six months into his rape of this nation.

That number won't last.

It's going up, up, up.

Just when I though things couldn't get worse under Bush . . .

reply to post by Iamonlyhuman


Folks, that debt figure does not take into account future debt liabilities for SS or Medicare. It encompasses only the portion that the policians have "Borrowed" from those funds - the IOUs that sit in the Soc. Security and Medicare accounts. The underfunded liabilities for both SS and Medicare add over $100T USD more!!!

Here, quoted from the article, "The numbers measure what's needed today — set aside in a lump sum, earning interest — to pay benefits that won't be covered by future taxes." Again, what the politicians have borrowed from the funds that should be earning interest right now!!!

Also quoted from the article, "Key federal obligations:

• Social Security. It will grow by 1 million to 2 million beneficiaries a year from 2008 through 2032, up from 500,000 a year in the 1990s, its actuaries say. Average benefit: $12,089 in 2008.

• Medicare. More than 1 million a year will enroll starting in 2011 when the first Baby Boomer turns 65. Average 2008 benefit: $11,018.

•Retirement programs. Congress has not set aside money to pay military and civil servant pensions or health care for retirees. These unfunded obligations have increased an average of $300 billion a year since 2003 and now stand at $5.3 trillion."

Note the increase in Social Security and Medicare numbers and also pay attention to the pension liabilities which are not underfunded - they are UNfunded. Compound that with the fact government jobs are increasing and the debt obligation for benefits and pensions are also growing.

Finally, NONE of the numbers even begins to discuss Obama's gargantuan porkulus packages nor the pink elephant of socialized medicine estimated to cost nearly a trillion more a year - a TRILLION more - when we are already adding about $1.1 trillion a year already in deficit spending. Not good!!!