Thursday, May 25, 2006

Let me check the couch cushions

From USA Today: “Retiree benefits grow into monster

Taxpayers owe more than a half-million dollars per household for financial promises made by government, mostly to cover the cost of retirement benefits for baby boomers, a USA TODAY analysis shows.

Federal, state and local governments have added nearly $10 trillion to taxpayer liabilities in the past two years, bringing the total of government's unfunded obligations to an unprecedented $57.8 trillion.

That is the equivalent of a $510,678 credit card debt for every American household. Payments on this delinquent tax bill must start soon if financial promises to the elderly are to be kept.
Read the whole thing. Unless you’ve been reading my blog, then you’ve heard it before.

1 comment:

Anonymous said...

I am a Canadian. Just curious if you or anyone else ever had the chance to analyze Canada's fiscal obligations and commitments.