Jul
8
Government spending is out of control
Filed Under All, Politics, Personal Finance | 71 Comments
Ok, so this article (Taxpayers on the hook for $59 trillion) is a little old, but my blog didn’t exist when it was published a while back. The $59 trillion figure accounts for future government liabilities (entitlements) such as Medicare and Social Security. The more common national debt figure is about $9 trillion and it does not include these liabilities. In reality, the government could cancel these programs and erase the liability which is why the figures aren’t tallied. Of course we all know that canceling these programs is not politically feasible. So as far as I can tell, $59 trillion is a real number. This works out to over $500,000 per American household. Read more