ObamaNomics: Federal Government Has Record $61.6 Trillion In Unfunded Obligations, Equates To $534,000 Per Household…
We’re f*cked, I can’t think of any other way to put it.
(USA Today) — The federal government’s financial condition deteriorated rapidly last year, far beyond the $1.5 trillion in new debt taken on to finance the budget deficit, a USA TODAY analysis shows.
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.
This gap between spending commitments and revenue last year equals more than one-third of the nation’s gross domestic product.
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. That’s more than five times what Americans have borrowed for everything else — mortgages, car loans and other debt. It reflects the challenge as the number of retirees soars over the next 20 years and seniors try to collect on those spending promises.
“The (federal) debt only tells us what the government owes to the public. It doesn’t take into account what’s owed to seniors, veterans and retired employees,” says accountant Sheila Weinberg, founder of the Institute for Truth in Accounting, a Chicago-based group that advocates better financial reporting. “Without accurate accounting, we can’t make good decisions.”
Posted by ZIP on Tuesday, June 7, 2011, at 1:19 pm | 
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534 grand? Is that all Unlce Sam says I owe?
No Problemo!
*opens wallet, tax moths fly out*
Hey, I seem to be a little short…. think ya can spot a brother a little? Jus til payday or sumptin?
um why is pay- day a link to an ad??? ROFL
I did not do that….
Looks like those unfunded obligations are not going to get funded. Then what?
Yep. Quite simply we are screwed.
Hope everybody is ready for crap hitting the fan…
Screw the lost decade. This is the lost empire.
Add in the the States’ debt, and you’ll be really depressed.
Better stock up on food, guns & ammo.
What a POS. When all hell breaks loose remember each and every one of these bastards that got this once great nation into such a situation. No matter what party they belong. Each and every one of the spin masters on the air waves and on cable should not be forgotten. The media has made a profit on Americans being at each others throats. No need for a Paul Revere today. The enemy is already here.
Could be why Austan Goolsbee is leaving – the ship is sinking??
Water wings anyone?
God bless America, Israel and our troops.
Maybe they really are trying to collapse the system…
But people will dismiss this as “that is imaginary debt” and continue thinking the future is full of rainbows and unicorn that sparkle
62 f’ing years old, and after working non-stop for 40+ years, I guarantee, someone will die in D.C. if they default on Soc. Sec.
I’m willing to trade a few politicos for 3 squares, and free health care, and Cable TV, and great gyms, libraries, etc.,………….hell, I might go crazy today!
$61.2 Trillion.
About 135 million Americans are working right now.
50% now effectively pay no taxes.
67.5 million working and paying into the system.
Total gov’t employees all levels who effectively produce no wealth, 20 million.
That levels 47.5 million who actually PAY FOR IT.
$61,200,000,000,000.00 in unfunded mandates.
47,500,000 to pay for it.
It may be $534,00 per household.
But it is $1,288,421.05 for every productive taxpaying worker.
your’e right Zip,the sleeper cell in the whitehouse has accomplished what he set out to do.
yep. heard this at a tea party meeting.
anyone have any concrete concept of what a trillion is?
no. didn’t think so. that is why it doesnt’ seem like “real debt”
Thats a helluva lot of bullets
If this fact doesn’t qualify as an impeachable offense under “high crimes and misdemeanors”, what the hell does?! OBAMA IS KILLING US!!! And our stupid congressmen/women don’t seem to give a damn about it!!! For God’s sake, somebody put a stop to this muslimaniac’s agenda!!!!!!! Do your jobs, Congress!!!!!!!!!!!!!!!!!!!!!!!!1
All great points!
@Freaky Boy
Add in states debt and you’ll be really depressed
Some more so than others; Cali., Illinois, and New York!
@JCM
But is $1,288,421.05 for every productive taxpaying worker
Almost no one is DC can grasp this fact, let alone 52% of America!
@GRIZZ
Thats a helluva lot of bullets
Right on brother, but considering the enemy within, theres alot of targets as well!
And “on rock and roll”you go through them in a hurry!
I say the dumbfucks who voted for this incompetent stumblebum should pay my share. Don’t blame me, I voted for McCain.
I never knew “our reps” cared so much to have to do this.
Nothing to see here, folks….everything’s normal (sic)….just keep moving along.
Anyone got Rosetta Stone in Mandarin????????
JCM’s figures look reasonable
We need to stop encouraging dependency. Make it miserable as hell to be dependant.
No more welfare housing ruining cities, let’s relocate those who make a career out of
dependency to some far away place where they can be given manual work such as raising
crops, building fences, laying train line, digging foundations, clearing debris,
Hell – we are paying them .
LET’S SEE SOME WORK BAGGY PANTS!
Which brings us to the feckless one just last week writing a multi billion dollar check to foreigners.
Where did does a person go to get that kind of gall?
Wait a minute- do you mean to tell me that this country of ours is nothing but a failed welfare state? But what about the “American Dream”? Isn’t the gov’ment gonna pay for my cush retirement and benefits while I sit on my OBESE fat ass and drink ice tea??? Oh poor us- a nation of victims, duped by the banksters again. How long y’all gonna wait around WHINING while our country that many gave their ALL for is hemorrhaging away and on life support, bled by the very criminals in high office? Americans are asleep at the wheel, time to wake up and steer the car- it’s going toward the cliff. Did this piss you off? Good. I am too.
@Vaughn
“62 f’ing years old, and after working non-stop for 40+ years, I guarantee, someone will die in D.C. if they default on Soc. Sec.
I’m willing to trade a few politicos for 3 squares, and free health care, and Cable TV, and great gyms, libraries, etc.,………….hell, I might go crazy today!”
EXACTLY !!!!