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The American Empire in a Changing World



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Sunday, July 17, 2011

'Your Share of Uncle Sam's Debt: $534,000'

from news max........


"The gap between the money Washington takes into its coffers to pay its IOUs and what it actually owes on those IOUs is taking on Grand-Canyonesque proportions, with unfunded liabilities hovering around $62 trillion, according to a USA Today analysis.

Yes, trillions, and trillions. And that breaks down to a staggering $534,000 per U.S. household, USA Today's analysis finds. By the end of September, another $5,240 that has accumulated will push the household share to nearly $540,000.

Last year, the government raised $1.5 trillion in new debt to cover budget deficits. Also last year, the government added $5.3 trillion to the amount it owes in new financial obligations.

Repeat such patterns year after year, and it's no wonder how these liabilities mount up. Most of those obligations are the result of programs such as Medicare and Social Security.

Add to the problem, more and more people are going to retire over the coming years and will expect the Medicare and Social Security services to which they feel entitled.

Furthermore, people are living longer, and medical costs are going up, which complicates the situation even more.

And on top of that, there are other public-sector IOUs out there that need to be considered along side of Social Security and Medicare, such as veteran and federal employee benefits.

In short, it's very hard to gauge the enormities of America's debts"................READ MORE




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