Tuesday, May 20, 2008

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.


  1. How much debt for this Trillion dollar war on Iraq per household? Highest of them all I bet.

  2. This is all impossible. If your numbers are correct, how can they POSSIBLY afford to give me a stimulus check for $300?