Posted on 11/08/2007 8:06:21 AM PST by Sub-Driver
Federal Liabilities Now Equal $175,000 for Every American By Terence P. Jeffrey CNSNews.com Editor in Chief November 08, 2007
(CNSNews.com) - Deficit spending and promised benefits for federal entitlement programs have put every man, woman, and child in the United States on the hook for $175,000, says a new report by David Walker, comptroller general of the United States.
On Tuesday, Walker sent the results of his audit of the federal debt to Treasury Secretary Henry Paulson. The audit revealed that, as of Sept. 30, the last day of fiscal year 2007, the U.S. government owed $8.993 trillion.
Of this nearly $9 trillion in debt, $5.049 trillion is in the form of Treasury securities held by the public, while the other $3.944 trillion is in the form of loans made to the Treasury from "surpluses" in the trust funds of federal entitlement programs, including the Social Security, Medicare, military retirement, and civic service retirement programs.
In addition to this debt, which represents money the federal government has already spent, the government also faces a gap between the projected revenue expected from the current tax structure and the spending that will be required to cover promised benefits in Social Security, Medicare, Veterans Administration and other entitlement programs.
"If these items are factored in," Walker said in his report, "the total burden in present value dollars is estimated to be about $53 trillion. Stated differently, the estimated current total burden for every American is nearly $175,000; and every day that burden becomes larger."
(Excerpt) Read more at cnsnews.com ...
OK, if I come with 175K now, can I get a receipt stamped “Paid in Full” and an exemption from all future taxation? ;)
bump
I would happily pay-off my (and my wife and 3 kids) share if they would let me and then tell the guvmint “leave me the hell alone alone.”
Not a bad deal.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Does this number factor in illegals? Are they paying their share of the burden as well?
IMHO this number doesn’t mean anything without that.
For example, the government owns 90% of the land in Idaho. Since we the people own all that real estate, wouldn’t that go into the positive column?
"If these items are factored in," Walker said in his report, "the total burden in present value dollars is estimated to be about $53 trillion. Stated differently, the estimated current total burden for every American is nearly $175,000; and every day that burden becomes larger."
So this means expected benefits over and above current taxes are $157,500. I wonder why he didn't mention the other side of the equation? LOL!
$175 - liability. That’s for EVERY American, or every WORKING American? Does my liability go up if we subtract the nonworkers for whatever reason?
He adds the money we won’t have to cover Social Security, etc.
I agree unless you consider the assets this number means nothing.
How much is the Interstate highway system worth? Let’s sell the Capitol!
The liabilities number is worthless unless you consider assets.
A more important number that the current debt is the current value of future liabilities (SS or Medicare). Now that number is really big. I expect the gov. to default on a portion of this liability (means testing for SS and the like).
True, assuming no additional expenditures besides those presently promised. Also true: Graduating high school students who begin to work at 18 owe just about $40k just for turning 19. Welcome to American Adulthood!
It sounds like he could come up with any number he wants, because he is apparently adding in the anticipated future shortfall in entitlement programs. If so, it’s just a question of how many years of future shortfall he elects to include in his calculations.
Somebody’s gonna pay for that...
“OK, if I come with 175K now, can I get a receipt stamped “Paid in Full” and an exemption from all future taxation? ;)”
I could handle it but it would almost clean out my money market account.
If I had to rebuild it with what I wouldn’t pay in federal taxes I wouldn’t be half way there before I was dead.
What are federal assets (e.g. land) per capita?
Don’t worry, folks, inflation will make that number insignificant in a few years ...
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