Taxpayers' bill leaps by trillions-deficit far bigger than government estimate

[babylonsister]

Taxpayers' bill leaps by trillions
By Dennis Cauchon, USA TODAY


The federal government's long-term financial obligations grew by $2.5 trillion last year, a reflection of the mushrooming cost of Medicare and Social Security benefits as more baby boomers reach retirement.

That's double the red ink of a year earlier.

Taxpayers are on the hook for a record $57.3 trillion in federal liabilities to cover the lifetime benefits of everyone eligible for Medicare, Social Security and other government programs, a USA TODAY analysis found. That's nearly $500,000 per household.

When obligations of state and local governments are added, the total rises to $61.7 trillion, or $531,472 per household. That is more than four times what Americans owe in personal debt such as mortgages.

The $2.5 trillion in federal liabilities dwarfs the $162 billion the government officially announced as last year's deficit, down from $248 billion a year earlier.

"We're running deficits in the trillions of dollars, not the hundreds of billions of dollars we're being told," says Sheila Weinberg, chief executive of the Institute for Truth in Accounting of Chicago.

more...

http://www.usatoday.com/news/washington/2008-05-18-Redink_N.htm

[rubberducky]

1. Not one word about our adventures in Iraq or afghanastan. Amazing!

[RC]

3. That money is mostly off the books, so it don't count.

It's just the money that helps that counts.

[leftchick]

5. yes indeed

written like good norquist propagandists.

[Pale Blue Dot]

2. We'll be fine.

We're America! We can sustain this forever!

[Richard Steele]

4. K&R

[nichomachus]

6. They're setting us up

for an attack on Social Security and Medicare.

[Turbineguy]

7. This is why these programs

must be terminated! And be sure and vote Republican (not that it makes much difference which way you vote).

The problem with life these days is that any organization with the word "truth" in its name is immediately suspect.:tinfoilhat:

[onethatcares]

10. "the institute for truth in accounting in chicago" WTF?

is that the same place that Friedman guy taught at? I'm trying to remember.

[VP505]

8. All the more reason to

make the Bu$h Tax cuts permanent, and while we are at it lets jack up the subsidies to those corporations, especially those making record profits off of Iraq contracts.:sarcasm:

[Earth_First]

9. AMERICAN GLADIATORS PREMIER TONIGHT!

WITH ALL NEW EVENTS! NEW GLADIATORS! NEW COMPETITORS! NEW SEASON! TONIGHT AT 9!

[onethatcares]

11. woooohhhooooo,

I've seen the commercials, they look good enough for me to take a pre show shower and get ready for some gladiatoring.