Think about this if you're starting a family - you're already, right now, half a million dollars in debt:
The federal government's long-term financial obligations grew by $2.5 trillion last year, a reflection of the mushrooming cost of Medicare and Social Security benefits as more baby boomers reach retirement. That's double the red ink of a year earlier.
Taxpayers are on the hook for a record $57.3 trillion in federal liabilities to cover the lifetime benefits of everyone eligible for Medicare, Social Security and other government programs, a USA TODAY analysis found. That's nearly $500,000 per household.
When obligations of state and local governments are added, the total rises to $61.7 trillion, or $531,472 per household. That is more than four times what Americans owe in personal debt such as mortgages.
So what are your congresspersons doing about it? How much enthusiasm is there for reforming the system? When President Bush tried to relieve the burden on Social Security the Democrats said that the system was not in jeopardy and blocked his reform plans. Of course, the President himself added to the problem by expanding medicare entitlements.
Someday soon this debt is going to be unsustainable and millions are going to lose medicare coverage, social security and perhaps even see their private pensions dry up. This will almost certainly rock Wall Street so even those who have invested in the markets, which all pension funds do, will likely lose their nest egg. It's a time bomb that could devastate millions of lives.
Meanwhile, Congress spends its time, and your tax dollars, dreaming up ways to indict former Bush administration officials.
One thing we can count on. When you and I lose our retirements, your congressperson won't.
RLC
