Government Liabilities Growing Rapidly

Government Liabilities Growing Rapidly

May 30, 2007 Posted by J. Scott Moody - No Comments

According to a report that ran yesterday in USA Today, “Taxpayers are now on the hook for a record $59.1 trillion in liabilities, a 2.4% increase from 2006. That amount is equal to $516,348 for every U.S. household. By comparison, U.S. households owe an average of $112,043 for mortgages, car loans, credit cards and all other debts combined.”
What programs are the biggest culprits?
Medicare: $255,280
Social Security: $144,251
Federal Debt: $43,380
Military Benefits: $25,863
State and Local Debt: $17,537
Federal Civil-Servant Benefits: $14,374
State and Local Retiree Benefits: $12,114
Other Federal Obligations: $2,548
Total: $516,348
Needless to say, YIKES!