USATODAY: gov't owes $63.8 Trillion (US GDP = $13.84 Trillion)

[Long Island Bob]

By Dennis Cauchon, USA TODAY
Taxpayers are on the hook for an extra $55,000 a household to cover rising federal commitments made just in the past year for retirement benefits, the national debt and other government promises, a USA TODAY analysis shows.
The 12% rise in red ink in 2008 stems from an explosion of federal borrowing during the recession, plus an aging population driving up the costs of Medicare and Social Security.

That's the biggest leap in the long-term burden on taxpayers since a Medicare prescription drug benefit was added in 2003.

The latest increase raises federal obligations to a record $546,668 per household in 2008, according to the USA TODAY analysis. That's quadruple what the average U.S. household owes for all mortgages, car loans, credit cards and other debt combined.

"We have a huge implicit mortgage on every household in America — except, unlike a real mortgage, it's not backed up by a house," says David Walker, former U.S. comptroller general, the government's top auditor.

FIND MORE STORIES IN: United States House of Representatives | Baby Boomer | Tax
USA TODAY used federal data to compute all government liabilities, from Treasury bonds to Medicare to military pensions.

Bottom line: The government took on $6.8 trillion in new obligations in 2008, pushing the total owed to a record $63.8 trillion. . . .
http://www.usatoday.com/news/washington/2009-05-28-debt_N.htm






that's okay, we'll just print money to pay it off.

[Long Island Bob]

Maybe now is not a good time to go deeper into debt to pay for a new healthcare plan

[Long Island Bob]

:whistle:

[XTankLt]

:whistle:


Boooosh!!!!

[ChaosControl]

Can we just declare bankruptcy already and shut the government down?
It is the most wasteful entity ever known to humankind, it is the most vile and tyrannical entity. It really serves no legitimate purpose anymore, it does far more bad than good, if it even does any good at all.

[Iggy]

Its okay. Economists say the recession will be over by the end of the year, the government owns GM, Chrysler and the banks, I have an extra $13 a week in my paycheck and Obama's going to cut the deficit in half... right after he bankrupts the coal industry and raises taxes on everyone to pay for his new health care plan.

No problemo.

[JudasGoat]

its okay. Economists say the recession will be over by the end of the year, the government owns gm, chrysler and the banks, i have an extra $13 a week in my paycheck and obama's going to cut the deficit in half... Right after he bankrupts the coal industry and raises taxes on everyone to pay for his new health care plan.

No problemo.

+1

[MadazzVeteran]

Its okay. Economists say the recession will be over by the end of the year, the government owns GM, Chrysler and the banks, I have an extra $13 a week in my paycheck and Obama's going to cut the deficit in half... right after he bankrupts the coal industry and raises taxes on everyone to pay for his new health care plan.

No problemo.

The economists (financial alchemists) are probably right...the recession will be over and the "De"-pression will begin. If no one has figured this out yet, this administration and its talking teleprompter is all about the complete and total destruction of our economy and the eventual fall of the sovereign government of the US and installation of a World Government. Mark my words, you ain't seen nothing yet! He's been bragging about all he's done in 4 months laced with "there's much more work to do". BOHICA, if you know what that means.