Taxpayers' Bill Leaps By TRILLIONS!!!!

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.

- www.usatoday.com/news/washington/2008-05-18-Redink_N.htm?loc=interstitialskip