Washington's Tower of Debts
The total amount of U.S. government debts and obligations is far greater than what most people realize.
Uncle Sam is saddled with ...
* An officially recognized national debt of $11.8 trillion, which will likely exceed $12 trillion sometime this month.
* Unfunded national obligations of $104 trillion!
* Another $9 trillion in cumulative deficits over the next ten years.
* Plus another trillion dollars for health care reform, no matter what bill finally makes it through Congress.
Grand total: $125.8 TRILLION of public debts!
All told, that means that each and every household in America is now indirectly responsible for more than 1 MILLION DOLLARS in government debts and obligations. And that assumes no new government spending, no new social programs, no new wars, no new economic disasters or bailouts. Worse, it assumes no new deficits in the meantime!
Put another way, even if the government could somehow pay off that debt at the rate of $100 million PER DAY, it would take 3,446 years before the total government debts and obligations are paid off.
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