Tuesday 5-20

Here's a depressing little tid-bit: American families are now saddled with 531-thousand dollars in government debt per household. That's the combination of the federal and state deficits--along with the promises those governments have made to future enrollees in social programs.

The number one drag on US households will be Social Security. Each family owes 150-thousand dollars for that program. That's up 15 percent from 2005--and is only going up with more baby boomers reaching retirement age. It may almost be a relief to working Americans if that program goes broke--so we don't have that debt hanging over us any more.

The next biggest debt is Medicare--with each US household owing 110-thousand dollars for just the hospitalization program. Part "B"--the supplemental insurance plan we all owe 101-thousand dollars per household. And then there is Part "D"--the prescription drug plan--adds another 51-thousand dollars per family. Believe it or not--that's actually down 17-percent from 2005.

Your actual share of the federal debt is 45-thousand dollars--that's up nine percent. State and local government debts add another 19-thousand dollars--up 18-percent from just two years ago.

Since it appears that lawmakers at all levels refuse to change their spending habits--or continue to make promises to people it cannot hope to pay for--you may want to work a few extra hours every day...the next few decades...so you can afford to pay your fair share.