USA Today: Leap in U.S. debt hits taxpayers with 12% more red ink

Posted by Kendall Harmon

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.

Read it all.

Filed under: * Economics, PoliticsEconomyTaxesThe U.S. GovernmentBudgetThe National Deficit

Posted May 29, 2009 at 9:01 am [Printer Friendly] [Print w/ comments]

1. William P. Sulik wrote:

Turn and face the strange
Don’t want to be a richer man

-David Bowie

May 29, 11:35 am | [comment link]
2. dwstroudmd+ wrote:

It’s only money.  What’s the problem?
And, don’t sweat it; like, comrade, you can keep the change.  The five year plan will work spectacularly.

May 30, 12:15 am | [comment link]
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