Taxpayers' Bill Leaps By TRILLIONS!!!!

Discussion in 'Politics' started by KenH, May 19, 2008.

  1. KenH

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    May 18, 2002
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    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.


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