. . . and counting. [ $3.79 billion daily ]
OK, take a deep breath. You might need it after we tell you this: You now owe more than half a million dollars, not counting your home mortgage, credit cards and other debt. Don’t remember running it up?
Well, technically, you didn’t. The government did it for you. And USA Today has done us all a favor by taking out a calculator and doing the basic math. It’s beyond ugly.
Each household owes an additional $55,000, thanks to the soaring spending by the federal government on retirement programs just in the past year.
All told, each household at the end of 2008 owed $546,668. That’s four times what American households owe for mortgages, car loans, credit cards and other debt.
Looking long term is where it really gets scary. Recently, we learned the U.S. had $101 trillion in retirement and health care obligations over the next 75 years. The only problem is, at current tax rates we’ll have only $53 trillion to pay for it all.
That leaves a gaping hole of $48 trillion.
It gets worse. The stimulus plans and bailouts pushed into the budget by President Obama and congressional Democrats will add $9 trillion to our national debt over the next 10 years alone.
“We have a huge implicit mortgage on every household in America,” David Walker, former U.S. comptroller, told USA Today. “Except, unlike a real mortgage, it’s not backed up by a house.”
Americans can’t be blamed for hyperventilating when they see such numbers emerging from the most fiscally irresponsible government in our nation’s history.
Even the nation’s president, in a moment of unguarded frankness last week, admitted that “we are out of money.”
Road ahead: hyperinflation, devaluation of the dollar