Retiree benefits grow into 'monster'

Retiree benefits grow into 'monster'
Posted 5/24/2006 11:21 PM ET E-mail Save Print Reprints & Permissions Subscribe to stories like this


THE BILL

Taxpayers are responsible for more than $500,000 per household for unfunded financial promises made by federal, state and local governments. How the debt breaks down:

Program Liability per household

Medicare $263,377

Social Security $133,456

Federal debt $42,538

Military retirement benefits $25,443

State-local debt $16,395

Federal employee retirement benefits $14,256

State-local retirement benefits $13,257

Other federal $1,956

Total $510,678


Source: USA TODAY research





By Dennis Cauchon, USA TODAY
Taxpayers owe more than a half-million dollars per household for financial promises made by government, mostly to cover the cost of retirement benefits for baby boomers, a USA TODAY analysis shows.
Federal, state and local governments have added nearly $10 trillion to taxpayer liabilities in the past two years, bringing the total of government's unfunded obligations to an unprecedented $57.8 trillion.

That is the equivalent of a $510,678 credit card debt for every American household. Payments on this delinquent tax bill must start soon if financial promises to the elderly are to be kept.

The cost of retirement programs will start to soar when baby boomers — 79 million born between 1946 and 1964 — begin collecting Social Security in 2008 and Medicare in 2011.

"This is a monster financial problem that both parties are going to have to solve," says Rep. Jim Cooper, D-Tenn., a member of the House Budget Committee. "Most Americans and Congress members don't realize the terrific burden we are putting on future generations."

USA TODAY compiled a list of all taxpayer liabilities — federal, state and local — to provide a fuller look at the nation's financial condition. The numbers are based on official government reports.

More @ http://tinyurl.com/qny22 usatoday

And yet the Fed's want to add millions of 'illegal invaders' onto the roles of SS and by default the state programs. Yeah we're really worried about the SS shortfall and the rest of the Socialist programs we have been saddled with since the 1930's!