Skip to comments.US Government Now Owes $61.6 TRILLION in Unfunded Mandates
Posted on 06/07/2011 4:43:44 PM PDT by Clintonfatigued
While members of Congress battle over which bills they will pay this year,
The nations unfunded mandates for the future continue to expand.
The US government currently has unfunded financial commitments of over $61 trillion.
The government added $5.3 trillion in new financial obligations in 2010, largely for retirement programs such as Medicare and Social Security.
That brings to a record $61.6 trillion the total of financial promises not paid for.
Medicare alone took on $1.8 trillion in new liabilities, more than the record deficit prompting heated debate between Congress and the White House over lifting the debt ceiling.
Social Security added $1.4 trillion in obligations, partly reflecting longer life expectancies. Federal and military retirement programs added more to the financial hole, too.
Corporations would be required to count these new liabilities when they are taken on and report a big loss to shareholders. Unlike businesses, however, Congress postpones recording spending commitments until it writes a check.
The $61.6 trillion in unfunded obligations amounts to $534,000 per household.
Although President Obama and the Democrats have no plan to address the issue,
(Excerpt) Read more at reddogreport.com ...
This is a fiscal meteor heading in our direction. The sum is so huge, it’s hard to find the words to describe it. And to top it off, Barack Obama, Harry Reid, and Nancy Pelosi have no plans at all to deal with it.
The U.S. Government has become a sad joke.
How much is just one trillion?
All these incompetent corrupt AHs running this government need to resign immediately then be prosecuted for corruption and dereliction of duty.
We HAVE to deal with this problem:
Look, if you inflate the dollar to the point where one trillion dollars is one thousand dollars, the problem is solved!
There’s a catch, it’ll then cost thousands of dollars to go to the grocery or run an air conditioner.
61 TRILLION plus all the unfunded STATE mandates. IOW our great great grandchildren are BROKE too!
No problem, they’ll just write a check out of future accounts. Thanks Clintonfatigued.
Clearly, the politicians in D.C. hate their grand children.
In any event, Obama and the DemocRATS refuse to do anything about it.
Someday, I’m going to have to familiarize myself with what this really means. Most of these funds do not disappear, they are recycled through the American Economy. Foreign Aid, War Expenditures, buying Chinese and other spending DO simply disappear. Pure waste. There are very different consequences for the two classes of expenditures.
Maybe this winter, after hunting season winds down. Anybody handy with a good reference on this politically charged economic issue?
Per American, $200,000.
I know that I don’t have such a thing.
Well, Uncle Sam better not park that Medicare on the street or the repo man is gonna get it.