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 ~

[Gaffer]

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

[doc30]

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.

[kenn5]

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!

[conservativewasp]

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

[MadIvan]

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

[Myrddin]

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.

[BeHoldAPaleHorse]

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. :)

[Myrddin]

Welcome to the ranks of fogeydom!

An unavoidable consequence of the passage of time.

[EEDUDE]

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.

[EEDUDE]

I hate punks.