Your Households Bill For Entitlements: $500,000
While liberals wring their hands in worry over Iraq war spending an analysis finds that the bill for each and every American household for entitlements like Medicare and Social Security is now over $500,000.
The federal government’s long-term financial obligations grew by $2.5 trillion last year, a reflection of the mushrooming cost of Medicare and Social Security benefits as more baby boomers reach retirement.
That’s double the red ink of a year earlier.
Taxpayers are on the hook for a record $57.3 trillion in federal liabilities to cover the lifetime benefits of everyone eligible for Medicare, Social Security and other government programs, a USA TODAY analysis found. That’s nearly $500,000 per household.
When obligations of state and local governments are added, the total rises to $61.7 trillion, or $531,472 per household. That is more than four times what Americans owe in personal debt such as mortgages.
Meanwhile, any attempt to curb Medicare and Social Security it met with claims from liberals about Republicans wanting to rob little old ladies of their income. But the truth is that we cannot sustain this spending.
We cannot continue to fund Social Security as the number of retirees grows to a near 1:1 ratio with the number of tax-paying workers. We cannot continue to expand Medicare to include people who make twice the poverty-level income and “free” prescription drugs for seniors. We cannot continue these things because we simply cannot afford to continue them.
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