I thought you would like to know that taxpayers (that is you and me) owe more than a $500,000 per household for promises made by government, mostly to cover the cost of retirement benefits for baby boomers, a USA TODAY analysis shows.
Americans’ government obligations are five times what people owe for mortgages, car loans, credit cards and other personal debt. The $57.8 trillion liability is the amount that government needs now, stashed away and earning interest, to generate enough cash to pay future obligations. The obligations are valued in today’s dollars and come due as early as in a few days, when Treasury bills mature, to as long as 75 years for Social Security and Medicare.Like an unpaid credit card bill, the balance grows every year — about $25,000 per household annually.
Taxpayer liabilities grew 20% in the past two years, 13% above the inflation rate.
I would like to take this opportunity to apologize to my daughters and their children cause this debt is going to be handed down to them.
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24 Responses to “Did He Say $500,000 Per Household?”Search
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I was trying to decide what it would take for me to send in my $500,000. So I have written my “Top Ten” list of explanations of what needs to happen for me to send it my “fair” share. So here is my list:
1) When hell freezes over.
2) When everyone else sends in their check.
3) When I’ve gotten everything and I mean everything I ever wanted in life.
4) When that amount becomes pocket change.
5) When inflation makes me a billionaire.
6) When I win the billion dollar lottery.
7) When I become Bill Gates.
9) When my check will only add to the government surplus.
10) When I don’t need it.
I pretty sure there are other occurances “when” everyone else will send their check in, so feel free to add to my list.
Why does federal Govt need more money from us?
What about the printing machines we bought for them . They should use them, $100 bills don’t go far enough these days, I say add one more Zero to it.
Its doesnt matter. Its all paper. Tomorrow I will go to work and make what I make and so will ya’ll. We pay what we owe and live our lives. This crap about our kids will pay is BS. I’m sure politicians in our grandparents day said the same thing. Even though the US gov is in debt my income tax ref check cleared. Imagine that? When I do work for a gov agency the check clears too! When GWB and Harry Reid get paid on Friday their checks clear too.
Debt schmedt.Keep printing bills Mr. Treasury!! We gots plenty of that special paper and ink!!
Because of the entitlement mentality that has taken over this country. I don’t blame the politicians as much as I do the voters. Let’s face it we get/got/have the government "we" want.
# 3 Gregg
That hillarious, it’s hard to type after reading your check being cleared.
#4 Squawkbox Noise
Since elected politicians continue to fail us what is the alternative?
Back to monarchy?
Since democracy is for the people, of the people and by the people wrong kind of people participate in the election process turning out wrong leaders.
Rahman
#6
The U.S. is a republic.
A depressing story for a depressing day. A dry martini may be the only cure.
The federal government will quit needing our money when it does only what the Constitution says it can do. Unfortunately the vote seeking politician created all these entitlements and that is why we are in debt over our heads. We are gradually, thanks mainly to the liberal Democrats, becoming a socialistic state where the government takes care of everything for everyone. Nobody is responsible for their own actions. The federal government has become this “solve all” bureaucratic agency.
9 Robert:
And the sad part is, even the most conservative jurists and scholars (ie, Robert Bork) say that certain toothpaste cannot be put back in the tube, and that we just have to accept that government is, and will stay, involved in all kinds of areas (mostly due to a perversion of the Commerce Clause)where the founders probably never imagined it would be.
RickG
#8
Yeah a real kick in the shorts.
Rahman
#6
Kinda made my point for me in the second half of your comment. Actually the politicians have not failed us. They are doing precisely what the voters want.
Don’t believe me? Just suggest cutting social Security, Medicare, Foodstamps to name a few. When I say cut I mean do away with COMPLETELY and watch the uproar. If I was king all these things would go away and we would be set on a course of self sufficiency in the same manner as it was pre Franklin Roosevelt days.
At the risk of getting flamed real hard I have heard so called conservatives say that it would be wrong to do away with all entitlement plans. The firstg question invariably is “what about so and so” or this group or that.
I will be the first to say that we cannot morally stop things like social security/medicare abruptly. However a viable plan must be implimented to do away with these programs over a protracted period of time.
Well I will retire in three years and have forceably paid into Social Security for the past 42 years. If you look at any retirement plan the employer may have you will see tht Social Security is the primary source of retirement funds.
So in summation all you kids better stop listening to rock and roll and bad mouthing your country. You will need to get a good job and fund my retirement.
luv2hammer
I’m 50 and I don’t believe I will see any Social Security. I have read where the Congress is considering raising the age to collect to 70, a means test implemented and a reduction in benefits.
SUHHHWWWEEETTTT.
I think I am going to retire in Mexico. In a few years there wont be any Mexicans left there and I’ll have all those beautiful beaches to myself and the slaves I bring to wait on me. Female slaves. No Smackie you and Shakey cant share.
#2 Rahman,
Adding more zeros, printing more money?
How about when you have to pay $1 million for a loaf of bread? I saw it Germany, money the people saved over a life time became worthless.
I am glad though that USA Today has printed this story. Far too many people think that government debt does not affect them.
KRAUT
#15
Back in the 80’s rather than print larger denominations of money the Italian gov just removed some of the zeros of the cost and reassigned the actual worth of a lira.
Example rather than printing a 1m lira bill they assigned the 100k denomination that worth.
gregg
I have a bud that lives quite comfortably on the Baja side of Mexico. He lives in a fishing town like a king.
#17 Squawk,
What happens when the communists take Mexico back?
Do you think that maybe they’ll confiscate all which your friend owns?
#2 #3
My basic course in macro economics in college answered both of those questions. Go get a used book, even an old eco textbook and read a few chapters.
But I think T-Bone has a good idea - we’ll invade Mexico, but I want to pick out my own slaves.
KRAUT
#18
That boy don’t own squat. He rents a bungalow, drives an older pickup and lives off his retirement which is banked in the US.
The most he could lose is well his life but other than that his clothes and a few other things but he does own own real property.
#13 Squawkbox
Well I’m 61 and I’m sure I will get it. So youngster get to crackin I’ll be looking for my sociable security check every month.
luv2hammer
#21
I am swimming as fast as I can.
I agree that you should get it too. Promises made should be kept. I hope you live to be 120, happily retired and actively working to empty the bass out of the local lake.
We all need to apoligize!
For sitting here and letting America bleed!
Oh wait…next election?
#1 - you said it all. The only other addition is:
After my children and grandchildren get everything they are entitled to upon my death and after my will has been read.