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Each US Household Owes $500,000 For Government Benefits - Report
Dow Jones News Service (excerpt) ^ | May 25, 2006

Posted on 05/25/2006 9:21:25 AM PDT by HAL9000

Excerpt -

NEW YORK -(Dow Jones)- Taxpayers owe more than $500,000 per household for financial promises made by government, mostly to cover the cost of retirement benefits for baby boomers, USA Today reported, citing its own analysis.

Federal, state and local governments have added nearly $10 trillion to taxpayer liabilities in the past two years, bringing the total of government's unfunded obligations to an unprecedented $57.8 trillion, said the report late Wednesday.

That is the equivalent of $510,678 for every household in the U.S., said USA Today.

~ snip ~


(Excerpt) Read more at nasdaq.com ...


TOPICS: Government; News/Current Events
KEYWORDS: babyboomers; benefits; budget; debt; entitlements; medicare; nationaldebt; pensions; pyramidscheme; retirees; retirement; socialsecurity; ssi; unfunded
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Now get back to work, you.
1 posted on 05/25/2006 9:21:29 AM PDT by HAL9000
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To: HAL9000
Now get back to work, you.

Oh yeah, working on my emigration strategy to Central America by 2015.

2 posted on 05/25/2006 9:23:13 AM PDT by xrp (Fox News Channel: MISSING WHITE GIRL NETWORK)
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To: HAL9000
Note to my fellow Boomers:

You'd be stupid to think that you'll get a dime in Federal $$$ ((SS,Medicare) when you retire...unless you've spent your life on welfare.

3 posted on 05/25/2006 9:23:52 AM PDT by Gay State Conservative
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To: HAL9000

The problem with government spending is that they spend 7 days a week and most of us are only working 5 days a week to support them.

I'd like to see a little more benefit for my $500,000 share.


4 posted on 05/25/2006 9:24:16 AM PDT by IndyInVa (There either needs to be less corruption, or more opportunity for me to participate in it.)
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To: xrp

At the current rate of illegal immigration, Mexico and Central America might be empty by 2015. There should be lots of wide open spaces. Mind if I join you?


5 posted on 05/25/2006 9:25:46 AM PDT by IndyInVa (There either needs to be less corruption, or more opportunity for me to participate in it.)
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To: HAL9000

Well I have a message for them, they can kiss my azz!


6 posted on 05/25/2006 9:25:55 AM PDT by sheana
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To: HAL9000
the total of government's unfunded obligations

Some of these obligations, like Social Security, would not be unfunded if the money placed in the Social Security Trust Fund been placed in a...trust fund.
7 posted on 05/25/2006 9:26:23 AM PDT by P-40 (Al Qaeda was working in Iraq. They were just undocumented.)
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To: xrp

Costa Rica is running ads now for new home developments going up. :^)


8 posted on 05/25/2006 9:28:10 AM PDT by eyedigress
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To: IndyInVa
I'd like to see a little more benefit for my $500,000 share.

I'd like to opt out.

9 posted on 05/25/2006 9:28:57 AM PDT by Protagoras ("A real decision is measured by the fact that you have taken a new action"... Tony Robbins)
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To: xrp

I heard that Americans are retiring in Belize in large numbers. Cost of living is low and SS checks are deposited directly into their banks........


10 posted on 05/25/2006 9:32:15 AM PDT by Red Badger (Liberals ignore criminal behavior, reward sloth and revere incompetence...........)
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To: IndyInVa
I'd like to see a little more benefit for my $500,000 share.

You get 120k for public school education, plus 12k per year after retirement (about 240k for most) plus medicare worth maybe 100,.

The retirement age needs to be raised and the public school system needs to be reformed and made more cost effective.

I hate to bring immigration into this thread but this is the allure of temporary guest workers. You don't have to pay 120k for school and if you can kick them out before they retire, you save big time there too.

11 posted on 05/25/2006 9:34:02 AM PDT by staytrue (Moonbat conservatives-those who would rather have the democrats win.)
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To: Red Badger
Property in Belize is available here:

Someplaceelse.co.uk

They are at the end of the street my parents lived on (before recently retiring).

It is an interesting site, mind you - at one point, they had an entire village in Bulgaria for sale.

Regards, Ivan

12 posted on 05/25/2006 9:34:28 AM PDT by MadIvan (I aim to misbehave.)
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To: HAL9000
Taxpayers owe more than $500,000 per household for financial promises made by government, mostly to cover the cost of retirement benefits for baby boomers...

Sorry, all my tax money has been appropriated by the welfare leeches. Uncle Sam's gonna have to tap somewhere else--this well is dry.

13 posted on 05/25/2006 9:37:20 AM PDT by randog (What the...?!)
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To: HAL9000
Federal, state and local governments have added nearly $10 trillion to taxpayer liabilities in the past two years, bringing the total of government's unfunded obligations to an unprecedented $57.8 trillion, said the report late Wednesday.

This figure doesn't sound correct. The outstanding liability for social security alone is over $71 trillion.

14 posted on 05/25/2006 9:37:58 AM PDT by <1/1,000,000th%
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To: randog

I need to find some tea and a harbor. This is getting downright stupid...


15 posted on 05/25/2006 9:38:40 AM PDT by Dead Corpse (I believe that all government is evil, and that trying to improve it is largely a waste of time.)
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To: HAL9000

Pathetic.

I really don't know why I expected W to make this any better. But he's only made it worse.


16 posted on 05/25/2006 9:39:19 AM PDT by highball (Proud to announce the birth of little Highball, Junior - Feb. 7, 2006!)
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To: Gay State Conservative

"You'd be stupid to think that you'll get a dime in Federal $$$ ((SS,Medicare) when you retire...unless you've spent your life on welfare."

I've never expected it. I've worked since I was 16 and am amazed to hear how I'm such a burden on the economy.


17 posted on 05/25/2006 9:40:48 AM PDT by dljordan
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To: HAL9000
The economic ignorant American people don't care as long as they get "theirs" when it's time. It's been proved every time someone suggests changing Socialist Security. Even tough most of us on here know a private based SS system would work, every Pol that has suggested this has been pounded to the ground. As long a retiree gets his or her check on the first of the month and now gets his Viagra paid for by you and I, they could careless how much their Grandkids or Great Grandkids have to pay in their lifetimes.
18 posted on 05/25/2006 9:40:51 AM PDT by The South Texan (The Democrat Party and the leftist (ABCCBSNBCCNN NYLATIMES)media are a criminal enterprise!)
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To: Gay State Conservative

"You'd be stupid to think that you'll get a dime in Federal $$$ ((SS,Medicare) when you retire...unless you've spent your life on welfare."

Oh they will get paid. Congress can always pay. All they have to do is print more money.


19 posted on 05/25/2006 9:42:07 AM PDT by Poison Pill
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To: IndyInVa

I wanna go too.......


20 posted on 05/25/2006 9:44:15 AM PDT by RSmithOpt (Liberalism: Highway to Hell)
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To: HAL9000
Photobucket - Video and Image Hosting
21 posted on 05/25/2006 9:45:33 AM PDT by ATOMIC_PUNK ("Please run your Biochip across the scanner " Warning ! Warning ! Happiness detected Detain at Once)
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To: HAL9000

That is the equivalent of $510,678 for every household in the U.S., said USA Today.

I notice this article doesn't bother to mention that the wealthiest 10% of taxpayers (mostly large corporations) are picking up about 90% of this tab for us. That tidbit would kinda takes the bite out of Rep. Jim Cooper's tactic of making it sound like the average family will actually have to pony up a half million each.

That said, it is still a shameful amount of increase.

22 posted on 05/25/2006 9:46:55 AM PDT by Antonello (Oh my God, don't shoot the banana!)
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To: HAL9000
NEW YORK -(Dow Jones)- Taxpayers owe more than $500,000 per household for financial promises made by government, mostly to cover the cost of retirement benefits for baby boomers, USA Today reported, citing its own analysis.

Total and utter crap. Try this: "Taxpayers have been cheated of over $500,000 per houshold stolen from their retirement benifits to pay for useless, boondoggle pork projects that the government shouldn't have been voting for if it didn't have hard money to pay for them."

23 posted on 05/25/2006 9:47:36 AM PDT by 50sDad (ST3d: Real Star Trek 3d Chess: http://my.ohio.voyager.net/~abartmes/tactical.htm)
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To: HAL9000

"Oh, and they can keep the change. There's more paper and ink where that came from."

24 posted on 05/25/2006 9:49:10 AM PDT by OB1kNOb (This is no time for bleeding hearts, pacifists, and appeasers to prevail in free world opinion.)
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To: The South Texan

All I want is what I've paid in to each with the compound interest figured in based on what the gov has paid for the 10 year (or 30 yr)treasury note since 1973. Nothing complicated....I've got all the records and so does SS....I'll take it at 62 in one lump sum.


25 posted on 05/25/2006 9:49:34 AM PDT by RSmithOpt (Liberalism: Highway to Hell)
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To: staytrue
I hate to bring immigration into this thread but this is the allure of temporary guest workers. You don't have to pay 120k for school and if you can kick them out before they retire, you save big time there too.

Illegals are making anchor babies and out breeding the native population. The burden they place on the schools is one of the major costs. There is no "allure" to illegal aliens. They consume far more public resources than they contribute in tax revenues.

26 posted on 05/25/2006 9:54:13 AM PDT by Myrddin
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To: HAL9000

Only if you assume Social Security will remain solvent is this true.


27 posted on 05/25/2006 9:56:43 AM PDT by Uncle Miltie (Why did Allah create free will and then demand submission? Wouldn't robots have been easier?)
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To: Red Badger

Not so fast:
http://www.freerepublic.com/focus/f-news/1638161/posts


28 posted on 05/25/2006 10:00:08 AM PDT by taxed2death (A few billion here, a few trillion there...we're all friends right?)
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To: randog
Sorry, all my tax money has been appropriated by the welfare leeches. Uncle Sam's gonna have to tap somewhere else--this well is dry.

When I work my a$$ off to earn $200K and lose $70k to federal income tax and $17K to state income tax, I wonder why I'm working so hard. People who make under $50K get to keep most of that income. By the time I'm taxed, the theiving politicians have "leveled the playing field" by stealing all the extra money I earned.

I have my mortgage paid off. I could easily choose to stop working so hard and take a very low paying job that just keeps my family fed and utilities paid. I'd have more time off and the thieving politicians would have a lot less to steal. Alternatively, I could keep my high paying job, but only work 1/4 time.

29 posted on 05/25/2006 10:00:26 AM PDT by Myrddin
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Comment #30 Removed by Moderator

To: RSmithOpt

The Chinese will be calling the debt, methinks.

Something about selling us the rope they'll use to hang us.


31 posted on 05/25/2006 10:02:43 AM PDT by IncPen (The Liberal's Reward is Self-Disgust)
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To: HAL9000

From each according to his ability, to each according to his need...


32 posted on 05/25/2006 10:04:27 AM PDT by Hegemony Cricket (Seems to me you've lived your life like a Camel in the wind - blowing smoke from both ends)
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To: IndyInVa
Mind if I join you?

Sure, if you have plenty of guns.

33 posted on 05/25/2006 10:06:46 AM PDT by xrp (Fox News Channel: MISSING WHITE GIRL NETWORK)
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To: Cubs85
I've been working full time since 1976, part time since 1973. I've paid max social security every year since 1989. I expect to do so for another 15 or 20 years. I'm one of those baby boomers who has paid max social security most of my working life. The same ones that are expected to never get a dime back.
34 posted on 05/25/2006 10:07:33 AM PDT by Myrddin
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To: HAL9000

Baby boomers suck....


35 posted on 05/25/2006 10:14:19 AM PDT by Catholic Canadian (Formerly Ashamed Canadian - thank you Stephen Harper!)
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To: HAL9000
I'm 30, and came to the realization awhile back that every other Friday I am being rob. Actually, a few years back I decided I would put a positive spin on it, I started looking at it like the government was a women, this way every other week I was getting screwed.
36 posted on 05/25/2006 10:15:14 AM PDT by A Texan (Oderint dum metuant)
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To: MadIvan

how much do you know about belize? anything about gun ownership there? a friend has property down there and has been suggesting that we move down there.


37 posted on 05/25/2006 10:15:21 AM PDT by absolootezer0 ("My God, why have you forsaken us.. no wait, its the liberals that have forsaken you... my bad")
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To: HAL9000

I'll tell ya what, I'm 34, its still 31 to 41 years before I'll be able to retire legally based on government age requirements with full bennies... so How about this, you give me $350k right now in cash tax free and I promise I'll never make a claim against SS. I'll continue to pay my tax into the fund during my working years, so you can prop up the boomers.


38 posted on 05/25/2006 10:18:00 AM PDT by HamiltonJay
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To: HAL9000
That is the equivalent of $510,678 for every household

I'm pretty close to paid off if that's true. Can I stop then?

39 posted on 05/25/2006 10:19:17 AM PDT by Ramius (Buy blades for war fighters: freeper.the-hobbit-hole.net --> 1100 knives and counting!)
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To: HAL9000

Now explain to me why Ken Lay is going to prison for saying that his company was financially sound when he knew it was about to go broke. Yes, he caused the retirement funds of his employees to be wiped out, but at least he didn't buy votes with them, leaving worthless IOUs in their place. When will we start arresting members of the federal government, all three branches, for ripping off all the "investors" in Social Security for their fradulent Ponzi scheme? Maybe our children and grandchildren will do the job that Americans didn't do in the past two generations.


40 posted on 05/25/2006 10:22:58 AM PDT by kittymyrib
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To: HAL9000

I got yer $500K right here! Come and get it!


41 posted on 05/25/2006 10:24:10 AM PDT by Gaffer
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Comment #42 Removed by Moderator

To: staytrue
I hate to bring immigration into this thread but this is the allure of temporary guest workers. You don't have to pay 120k for school and if you can kick them out before they retire, you save big time there too.

I hate to say this, but it doesn't work that way. Many cou ntries have reciprocity agreements with the U.S. If the foreign worker is from Canada, Mexico or one of several European nations, they are allowed to collect U.S. social security as long as they worked sufficiently to qualify for it just like U.S. citizens. However, they get paid the difference between what their home country pays and what the U.S. pays. Similar deals are in place for AMericans to collect pensions from foreign countries if they worked there, too.

43 posted on 05/25/2006 10:26:56 AM PDT by doc30 (Democrats are to morals what and Etch-A-Sketch is to Art.)
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To: HAL9000

Blame the uncontrolled, undisciplined spending Republicans. Anyone who thinks the GOP is the party of less spending lives in the land of Oz! Wake up!


44 posted on 05/25/2006 10:49:29 AM PDT by kenn5
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To: HAL9000

I didn't agree with any of this legislation, I'm not paying!


45 posted on 05/25/2006 11:02:21 AM PDT by conservativewasp (Liberals lie for sport and hate our country.)
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To: absolootezer0

Belize was a British colony - formally, British Honduras, so it is an English speaking country. As I understand it, petrol is quite cheap there, as it is an oil producing country as well.

I have no idea what the gun ownership laws are.

Given the foundation of British law, it has avoided being a banana republic and is better off than many of its counterparts in Latin America.

Regards, Ivan


46 posted on 05/25/2006 11:09:40 AM PDT by MadIvan (I aim to misbehave.)
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To: Cubs85
If you retire in 10 years you'll probably get some back, but only a small fraction of what you paid, and almost nothing compared to what you would have gotten if you invested the percent you paid.

I turn 50 in August this year. The earliest I could retire is age 62. I don't want to do that as it puts you in a permanently reduced benefits state. I received my annual missive from the social security administration last week. They admit that by 2041 they expect payroll taxes will only cover 74 percent of scheduled benefits. I think that is a gross underestimate. Especially if illegals are put on the gravy train.

The Monday mail brought a disturbing item. An invitation to join AARP. Gag. That's a milestone I could do without.

47 posted on 05/25/2006 11:57:35 AM PDT by Myrddin
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To: Myrddin
The Monday mail brought a disturbing item. An invitation to join AARP. Gag. That's a milestone I could do without.

Welcome to the ranks of fogeydom!

Remember, if it's too loud, you're too old. :)

48 posted on 05/25/2006 11:59:16 AM PDT by BeHoldAPaleHorse ( ~()):~)>)
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To: BeHoldAPaleHorse
Welcome to the ranks of fogeydom!

An unavoidable consequence of the passage of time.

49 posted on 05/25/2006 1:44:32 PM PDT by Myrddin
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To: Myrddin

That is something to seriously consider my friend.

Life is time.

I don't really want to make any more than I currently do because I am at the point of diminishing returns.

I expect it to get worse.


50 posted on 05/25/2006 2:20:29 PM PDT by EEDUDE (A penny saved is......a penny Congress overlooked.)
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