The National Debt Crisis

A recent USA TODAY analysis shows that each American household’s share of federal obligations is a shocking $546,668.  That’s quadruple what the average U.S. household owes for all mortgages, car loans, credit cards and other debt combined.

This analysis went well beyond simply dividing the national debt by the number of U.S. households.  USA TODAY used federal data to compute all government liabilities, from Treasury bonds to Social Security Read the rest of this entry »

According to the most recent Social Security Trustees’ Report, the Social Security Trust Fund is being depleted more quickly than previously thought.  Social Security is now expected to be paying out more than it takes in by 2016, which is more than a year sooner than had been projected in the previous trustees’ annual report. Read the rest of this entry »

The White House has released new budget estimates showing that the federal budget deficit continues to worsen.  For fiscal year 2009 (which ends on 9/30/09), the administration now projects a budget deficit of over $1.8 trillion, which is far and away the largest budget deficit in the history of the United States.

To elaborate on how alarming this budget deficit is, total government spending for the year is projected at Read the rest of this entry »