The U.S. National Debt often touted at an enormous $18 trillion is really more than 3 times that amount and closer to a whopping $65 trillion!
That’s when you actually count all the unfunded liabilities for civilian and military pensions, retiree healthcare, social security, and medicare.
For each of the 318.9 million people of that United States, it mean $203,826 of debt or for a family of four that’s a debt of $815,303.
Put another way, the entire net worth of Americans is $84.9 trillion, but after subtracting the debt of $65 trillion, it drops to just about $20 trillion–coincidentally around the amount of our new debt ceiling.
Moreover, with the richest 1% owning more than 50% of the wealth by 2016 that leave only $10 trillion or $31,675 for each of us–not so hoity toity for 239 years of independence and founding as a nation or all the blood, sweat, and tears we put in every day of our lives.
In terms of our escalating debt, just this last year alone, social security spending went up to $944,143,000,000 or the equivalent of $6,345 for every American with a job. and this is projected to dramatically rise with the retirements of the baby boomers.
Projections are for social security to exhaust its funds by 2035, which could result in across the board 20% or more cuts in benefits of the already meager program where many seniors end up eating cat food.
Additionally, the retirement age already set to go to 67 by 2027 could be forced to go even higher, and social security would likely be curtailed or eliminated entirely above certain income levels.
Is this the financial security and brighter future we are leaving our children and grandchildren?
We can kick the can down the road, but the unsustainability of it all will eventually come back to haunt us. 😉
(Source Photo: here with attribution to Pictures of Money)