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Half A Million In Debt

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    Half A Million In Debt

    You owe $500,000 more than you thought you did. According to a USA Today report, the federal, state and local governments have made promises which are worth more than half a million dollars for every family that still have not been funded. The vast majority of this cost is to cover retirement benefits for baby boomers. The total obligations by government agencies comes to $57.8 trillion which is the same as $510,678 of debt for every American household with costs predicted to increase.

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    Here are the costs broken down:

    <li> Medicare: $263,377 per household
    <li> Social Security: $133,456 per household
    <li>Federal debt: $42,538 per household
    <li>Military retirement benefits: $25,443 per household
    <li>State-local debt: $16,395 per household
    <li>Federal employee retirement benefits: $14,256 per household
    <li>State-local retirement benefits: $13,257 per household
    <li>Other federal: $1,956 per household</li>

    <li>Total: $510,678 per household

    Source: <a href="http://www.usatoday.com/news/washington/2006-05-24-retiree-taxpayers_x.htm">USA Today</a>

    #2
    Re: Half A Million In Debt

    boy!!!!!!!!!!!!!!!that is amazing info... thanks for posting this, jeffrey... i believe this and more debt plus... the govt needs to learn how to budget more effectively...

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