$55,000

Joined
Mar 21, 2006
Messages
10,611
Location
Las Vegas NV
http://www.usatoday.com/news/washington/2009-05-28-debt_N.htm
 Quote:
Taxpayers are on the hook for an extra $55,000 a household to cover rising federal commitments made just in the past year for retirement benefits, the national debt and other government promises, a USA TODAY analysis shows. The 12% rise in red ink in 2008 stems from an explosion of federal borrowing during the recession, plus an aging population driving up the costs of Medicare and Social Security. That's the biggest leap in the long-term burden on taxpayers since a Medicare prescription drug benefit was added in 2003. The latest increase raises federal obligations to a record $546,668 per household in 2008, according to the USA TODAY analysis. That's quadruple what the average U.S. household owes for all mortgages, car loans, credit cards and other debt combined. "We have a huge implicit mortgage on every household in America — except, unlike a real mortgage, it's not backed up by a house," says David Walker, former U.S. comptroller general, the government's top auditor.
 Quote:
Key federal obligations: • Social Security. It will grow by 1 million to 2 million beneficiaries a year from 2008 through 2032, up from 500,000 a year in the 1990s, its actuaries say. Average benefit: $12,089 in 2008. • Medicare. More than 1 million a year will enroll starting in 2011 when the first Baby Boomer turns 65. Average 2008 benefit: $11,018. •Retirement programs. Congress has not set aside money to pay military and civil servant pensions or health care for retirees. These unfunded obligations have increased an average of $300 billion a year since 2003 and now stand at $5.3 trillion.
 
Joined
Feb 14, 2008
Messages
2,098
Location
The Rocky Mountains
Ouch!!! I think I might have to start looking more seriously into a South American retirement village. Someone needs to call out the SS fund for what it really is a darn ponzi/madoff scheme! I could care less if I get any of it or not, but dangit stop lying to the people about their entitlement with the annual letter. I wish they would just tell my generation- you are screwed, but you have to keep paying X% to get the boomers (+5 years or so) through the system. Entitlements do not exist anymore.
 
Joined
May 25, 2005
Messages
534
Location
DFW Texas
 Originally Posted By: pickled
Ouch!!! I think I might have to start looking more seriously into a South American retirement village. Someone needs to call out the SS fund for what it really is a darn ponzi/madoff scheme! I could care less if I get any of it or not, but dangit stop lying to the people about their entitlement with the annual letter. I wish they would just tell my generation- you are screwed, but you have to keep paying X% to get the boomers (+5 years or so) through the system. Entitlements do not exist anymore.
I think you mean you COULDN'T care less. Sorry, just one of my quirky pet peeves.
 
Joined
May 25, 2005
Messages
534
Location
DFW Texas
 Originally Posted By: pickled
Yes I guess I should have used the more appropriate vernacular DILLIGAF....it may have been more appropriate.
That'll work!
 

Tempest

Thread starter
Joined
Mar 21, 2006
Messages
10,611
Location
Las Vegas NV
 Originally Posted By: Gary Allan
Yeah ..it's a shame that the federal debt upramped in two lumps When did they occur??
2009 should be around 20-25%.
 
Joined
Aug 5, 2002
Messages
18,816
Location
Silicon Valley
 Originally Posted By: Gary Allan
Yeah ..it's a shame that the federal debt upramped in two lumps When did they occur??
Don't worry, the trickle down of tax cut will raise enough stimulation of the economy to balance our budget. The rest will just fade away when our inflation kicks in. That's a lot of debt, but we can't raise taxes because according to Tempest that will have a negative effect on the economic activity. So we should cut spending to 0 for quite a few years. But then we cannot do that because he want to be taxed fairly. If our government is not providing enough services that our individual state's resident like, the state's residents should not be taxed. What should we do, Mr. Tempest?
 
Joined
Sep 28, 2002
Messages
39,802
Location
Pottstown, PA
First, you try and put a CONTRACT ON AMERICA. When you find out that they're already hip to the scam, you manage to pull it another way. It just took longer.
 
Joined
Aug 5, 2002
Messages
18,816
Location
Silicon Valley
 Originally Posted By: Tempest
 Originally Posted By: Gary Allan
Yeah ..it's a shame that the federal debt upramped in two lumps When did they occur??
2009 should be around 20-25%.
And when did the bubble got inflated so that in 2009 we have to raise our debt an additional 20-25%?
 
Joined
Aug 5, 2002
Messages
18,816
Location
Silicon Valley
 Originally Posted By: Tempest
 Quote:
the trickle down of tax cut
What tax cuts? All I see are tax increases on everyone...
You're right, no tax cut, but you complained about the tax, so it is the equivalent, isn't? p.s. You can also take it as the tax cut we were enjoying in the last 8 years or so.
 
Joined
Oct 5, 2005
Messages
5,034
Location
Kansas
 Originally Posted By: PandaBear
What should we do, Mr. Tempest?
Hey, let's just print more money, maybe about $459,000 per household, and just pay off the national household debt!!!!! ([censored] the torpedoes. Full speed ahead)
 
Joined
Oct 11, 2002
Messages
22,187
Location
Colorado Springs
There's plenty of blame for previous deficit spending. I won't name names. Previous spending PALES in comparison to what we're spending now and in the last 5 months. The debt we've incurred this year can be blamed on one person, and one person only. It's [censored] insanity if you ask me. They're going to have to adopt the air tax to pay this off. ie, breath inside the US borders, 10 cents a breath! And they'll hook up some device that records breaths and sends the information wirelessly to the IRS.
 
Last edited:

Tempest

Thread starter
Joined
Mar 21, 2006
Messages
10,611
Location
Las Vegas NV
 Originally Posted By: PandaBear
 Originally Posted By: Tempest
 Originally Posted By: Gary Allan
Yeah ..it's a shame that the federal debt upramped in two lumps When did they occur??
2009 should be around 20-25%.
And when did the bubble got inflated so that in 2009 we have to raise our debt an additional 20-25%?
Say what?
 
Joined
Oct 11, 2002
Messages
22,187
Location
Colorado Springs
If we hadn't spent a PENNY on bailouts and stimulus, I bet interest rates wouldn't be rising, some companies would have failed and been bought out, and we'd be in A LOT better circumstances.
 
Top