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 to Medicare to military pensions, and more. These numbers measure what would be needed today – set aside in a lump sum, earning interest – to pay future government obligations that won’t be covered by future taxes. Bottom line: our federal government would need $63.8 trillion set aside today in an interest bearing account to pay its future obligations that won’t be covered by taxes. Needless to say, that money is not set aside.
David Walker, former U.S. Comptroller General (the government’s top auditor) said, “We have a huge implicit mortgage on every household in America – except, unlike a real mortgage, it’s not backed up by a house.”
Our national debt and federal obligations continue to grow at an uncontrolled pace. And although our politicians pay lip service to it, they are taking no steps to solve the crisis. To the contrary, they continue to pile on more debt at an unprecedented rate, setting the stage for a financial collapse of unthinkable proportions.
It’s imperative that we let our elected officials know how we feel about the federal government’s reckless borrowing and spending that is destroying the very foundation of our economy and our nation. Please contact your Congressman and Senators and tell them you oppose the runaway growth in our national debt.
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