Great news on a Friday. The national debt is at record levels. This is before we factor in all of Obama’s promised future spending.
Taxpayers are on the hook for an extra $55,000 a household to cover rising federal commitments made just in the past year for retirement benefits, the national debt and other government promises, a USA TODAY analysis shows.
The 12% rise in red ink in 2008 stems from an explosion of federal borrowing during the recession, plus an aging population driving up the costs of Medicare and Social Security.That’s the biggest leap in the long-term burden on taxpayers since a Medicare prescription drug benefit was added in 2003.
The latest increase raises federal obligations to a record $546,668 per household in 2008, according to the USA TODAY analysis. That’s quadruple what the average U.S. household owes for all mortgages, car loans, credit cards and other debt combined.
And the president continues to repeat that the only way to deal with the situation is to spend more money and take on more debt. Incredible. I don’t know how anyone can believe their taxes aren’t going to go up.
