Friday, May 29, 2009

And You Thought American Consumers had a Debt Problem...

From USA Today: "Bottom line: The [US] government took on $6.8 trillion in new obligations in 2008, pushing the total owed to a record $63.8 trillion." The increase of $55,000 per household raises US federal government obligations to a record $546,668 per household in 2008. I figure you've got to be absolutely screwed if you live in California. And then add the measly (by comparison) average personal share of household debt of $121,593.

And that's just in 2008. If you're American, this is what you have to look forward to in federal deficits - and this is already understated as it doesn't include unfunded Social Security obligations (via Instapundit):

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