Each U.S. taxpayer now has a federal-debt liability of $1.1 million, and rising.
Remember that when President Obama boasts that the federal deficit—the shortfall between annual revenues and spending—is declining. Of course, the primary reason for the decline is the sequester, which was his idea but now adamantly opposes.
The public tends to focus on the total national debt, which just passed the $17 trillion mark—up from $10.6 trillion when President Obama took office. But that figure pales in comparison to the federal government’s long term unfunded liabilities—money the government is obligated to pay over and above the revenues it is estimated to receive.
According to the U.S. Debt Clock, total long term unfunded liabilities are at $126 trillion, a $1.1 million liability for each U.S. taxpayer.
The main driver of that astronomical number is two of our major entitlement programs: Social Security and Medicare.
The Debt Clock says Social Security is looking at $16.6 trillion in unfunded liabilities, while Medicare faces $87.6 trillion. And Medicare’s prescription drug benefit, which passed in 2003, adds another $22 trillion.
The Debt Clock’s Medicare unfunded liability is twice the current government projection—$43 trillion—because Democrats used Obamacare to try and deceive the public. Prior to passage the government’s estimate was similar to the Debt Clock’s.
That difference is because Obamacare
requires the Medicare trustees, who annually report on the program’s financial condition, to assume that Medicare will significantly cut reimbursements to doctors and hospitals in the future.
- See more at: Your share of the national debt is now $1.1 million | Rare