Long-term Fiscal Situation - USA Today Style
by Guest Blogger, 10/4/2004
USA Today lays out some of the longer-term numbers on the nation's fiscal health, and what needs to be done to bring the system into long-term balance.
$84,454 is the average household's personal debt. $473,456 is the average household's share of government debt, including Medicare and Social Security. The government isn't asking you to pay it. Yet.
By Dennis Cauchon and John Waggoner USA TODAY
The long-term economic health of the United States is threatened by $53 trillion in government debts and liabilities that start to come due in four years when baby boomers begin to retire.
The “Greatest Generation” and its baby-boom children have promised themselves benefits unprecedented in size and scope. Many leading economists say that even the world's most prosperous economy cannot fulfill these promises without a crushing increase in taxes — and perhaps not even then.
