Yes, That’s TRILLION With a “T.”
While members of Congress battle over which bills they will pay this year,
The nation’s unfunded mandates for the future continue to expand.
The US government currently has unfunded financial commitments of over $61 trillion.
The government added $5.3 trillion in new financial obligations in 2010, largely for retirement programs such as Medicare and Social Security.
That brings to a record $61.6 trillion the total of financial promises not paid for.
Medicare alone took on $1.8 trillion in new liabilities, more than the record deficit prompting heated debate between Congress and the White House over lifting the debt ceiling.
Social Security added $1.4 trillion in obligations, partly reflecting longer life expectancies. Federal and military retirement programs added more to the financial hole, too.
Corporations would be required to count these new liabilities when they are taken on — and report a big loss to shareholders. Unlike businesses, however, Congress postpones recording spending commitments until it writes a check.
The $61.6 trillion in unfunded obligations amounts to $534,000 per household.
Although President Obama and the Democrats have no plan to address the issue,
They do have plenty of ridicule for the Republican plan.
Now is the time to get these mandates under control,
We owe that much to our children, grandchildren and all future American generations.
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