New Study: Actual U.S. Debt per Household, Incl. Entitlement Programs, is $534,000
“The government added $5.3 trillion in new financial obligations in 2010, largely for retirement programs such as Medicare and Social Security. That brings to a record $61.6 trillion the total of financial promises not paid for.This gap between spending commitments and revenue last year equals more than one-third of the nation’s gross domestic product.
The $61.6 trillion in unfunded obligations amounts to $534,000 per household. That’s more than five times what Americans have borrowed for everything else — mortgages, car loans and other debt. It reflects the challenge as the number of retirees soars over the next 20 years and seniors try to collect on those spending promises.
USA Today: Government's mountain of debt
Washington's Blog: The Big Banks Have Sold Us Out. - Democrats And Republicans Have Sold Us Out. No One Is Defending Our Interests. Our Future Is Going Up In Flames. It’s Time For Us To Stand Up And Defend Ourselves