Feds have put you $516,348 in debt & you don’t 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!
When Cameron’s mother put a stethoscope to Jamie Napolitano’s chest and heard her...
The goal is to put a duck call (pink or camo) and a fishing pole – anything that’s...
Lutcher coach Tim Detillier is fond of saying “they should collect the money on the...
The wedding scene is dreamlike with a trellis surrounded by moss-draped oaks on the...
At age 12, Terry Gaulter’s “eyes opened to the world” when she laid hands on a...
When it comes to insurance, the catastrophe can linger long after the devastation...
At Saia Auto Consultants, our ultimate goal is to get you the highest quality vehicle for your money.
32 St. Charles Parish roads listed for repairs - 565 views
A $1.4 million bid has been awarded to Barriere Construction Co. in Boutte to improve 32 roadways in St. Charles Parish.