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Saturday, June 11, 2011

U.S. Funding Lags by Trillions

As the article says, it looks dismal for the U.S. financial condition.

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.

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 —

See it here; http://abcnews.go.com/Politics/us-funding-future-promises-lags-trillions/story?id=13778497

And currently congress can't even agree on how to cut a few billion dollars...how do you think they are going to close the gap on $534,000 per household?  The numbers are simply staggering....and unsustainable.

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