Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

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
Navigation: use the links below to view more comments.
first previous 1-2021-4041-51 next last
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)
[ Post Reply | Private Reply | To 1 | View Replies]

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!)
[ Post Reply | Private Reply | To 1 | View Replies]

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)
[ Post Reply | Private Reply | To 1 | View Replies]

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.)
[ Post Reply | Private Reply | To 1 | View Replies]

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)
[ Post Reply | Private Reply | To 18 | View Replies]

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
[ Post Reply | Private Reply | To 11 | View Replies]

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?)
[ Post Reply | Private Reply | To 1 | View Replies]

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?)
[ Post Reply | Private Reply | To 10 | View Replies]

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
[ Post Reply | Private Reply | To 13 | View Replies]

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)
[ Post Reply | Private Reply | To 25 | View Replies]

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)
[ Post Reply | Private Reply | To 1 | View Replies]

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)
[ Post Reply | Private Reply | To 5 | View Replies]

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
[ Post Reply | Private Reply | To 30 | View Replies]

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!)
[ Post Reply | Private Reply | To 1 | View Replies]

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)
[ Post Reply | Private Reply | To 1 | View Replies]

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")
[ Post Reply | Private Reply | To 12 | View Replies]

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
[ Post Reply | Private Reply | To 1 | View Replies]

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!)
[ Post Reply | Private Reply | To 1 | View Replies]

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
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-51 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson