Feds have put you $516,348 in debt & you donít even know it
But, as crazy and dangerous as their fiscal actions might be, they are nothing compared to the fiscal disaster our federal government keeps fomenting.
A recent USA Today budget analysis contains some very sobering information about the dire consequences of runaway federal spending and the accounting gimmicks Congress and the executive branch use to mask the fiscal madness they are perpetrating.
As the USA Today article points out, the $248 billion budget deficit run up by the feds last year isn't a true reflection of how much our national government really drowned in red ink.
If Congress had to employ the same accounting standards that corporations and state and local governments are mandated to use, the true net loss for governmental operations last year would have actually been $1.3 trillion.
Those entities, unlike the federal government, are mandated to list expenses as liabilities on their balance sheets immediately when transactions occur, not at the point that payment is made later.
Requiring such accounting practices gives corporate stockholders and state and local taxpayers a better understanding of the fiscal condition of businesses and government entities.
Unfortunately, the last thing the feds want taxpayers to understand is the depth of the fiscal hole they have been digging over the years, and the price that future generations must pay in order to fix it.
The USA Today article puts the situation in clear perspective: "Bottom line: (federal) Taxpayers are now on the hook for a record $59.1 trillion in liabilities, a 2.3% increase from 2006. That amount is equal to $516,348 for every U.S. household.
By comparison, U.S. households owe an average of $112,043 for mortgages, car loans, credit cards and all other debt combined."
The generous, underfunded benefits the federal government has enacted in such programs as Medicare, Medicaid, and federal retirement programs alone account for 85 percent of the $516,348 in debt each household has been stuck with, thanks to our irresponsible federal officials.
Of course, all of this money will come due at some point.
Subscribe Today and Save!!!
St. Charles Herald-Guide is an award-winning newspaper that covers all aspects of St. Charles Parish - from schools and parish government news to social events, features on our local residents and sports.
Order your subscription today!
Although Luling native Tammy Faucheux had already had three healthy children, it...
Seven people have been arrested after a St. Rose man was shot to death on Kennedy...
Not too many animal trappers can boast the resume of St. Roseís John Schmidt, who...
Fourteen years ago, St. Charles Parish deputies were called to a bloody scene after...
Wallace Johnston, 91, is truly a child of a different era. He was orphaned at only...
David Walters knew something was terribly wrong with him after he threw up at work...
The way hardware stores used to and should be is right here in St. Charles. Prompt courteous service from the moment you walk in. Experienced staff eager to assist you find what you need for your next project. Propane refills, U-Haul Rentals available
Luling manís stomach moved to chest after freak injury - 2752 views
David Walters knew something was terribly wrong with him after he threw up at work in 2010.