Each US Household Owes $500,000 For Government Benefits - Report

Dow Jones News Service (excerpt) ^ | May 25, 2006

[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 ~

[HAL9000]

Now get back to work, you.

[xrp]

Now get back to work, you.

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

[Gay State Conservative]

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.

[IndyInVa]

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.

[IndyInVa]

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?

[sheana]

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

[P-40]

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.

[eyedigress]

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

[Protagoras]

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

I'd like to opt out.

[Red Badger]

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........

[staytrue]

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.

[MadIvan]

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

[randog]

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.

[<1/1,000,000th%]

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.

[Dead Corpse]

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

[highball]

Pathetic.

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

[dljordan]

"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.

[The South Texan]

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.

[Poison Pill]

"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.

[RSmithOpt]

I wanna go too.......