Government Obligations Set Record at $61.6 Trillion
That’s trillion with a ‘T.’ Our government keeps promising more and more to more and more people (you know, entitlements!), even when agencies like the CBO and the Medicare Actuary saying that these entitlements will go bankrupt in a matter of years.
Yet President Obama and Congress keep piling on the IOUs. In 2010, the government added $5.3 trillion in new obligations, $1.8 trillion of which was just for Medicare, and another $1.4 trillion was for Social Security.
These obligations are not reported until the federal government actually produces the money, which is why you’ve probably never heard that number in any budget or debt ceiling debate.
This $61.6 trillion amounts to $534,000 per household.
This is why we need to reform entitlements. $61 trillion is an absurd amount to owe the American public. We need commonsense reforms (like Heritage’s Saving the American Dream or the Paul Ryan budget plan) as well as Social Security reforms that will not only save these programs for future entitlements, but also lessen the dependence on them.