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The Cost of The Promises Made by America’s Politicians

An analysis in today’s USA Today provides the bad news, which is that “(t)axpayers owe more than a half-million dollars per household for financial promises made by government, mostly to cover the cost of retirement benefits for baby boomers.” Unfortunately, government didn’t make those promises, however. Those are the promises made by politicians at the federal, state, and local level in order to obtain our votes.

According to USA Today, ”the total of government’s unfunded obligations” are “an unprecedented $57.8 trillion,” or $510,678 for each American family. The paper cites Ed Lorenzen of the Concord Coalition, who said, “These numbers show our long-term financial problems are even greater than our short-term ones.”

The paper provides a graph showing the two largest components of that $510,678 are Medicare ($263,377) and Social Security ($133,456), but it also includes almost $30,000 per family of state and local government debt and retirement benefits.

At least there's accountability for Enron's top executives.