Government’s Unfunded Liabilities Rose to Record Level Last Year

Townhall.com Staff
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Posted: Jun 08, 2011 9:36 AM
Government’s Unfunded Liabilities Rose to Record Level Last Year
"The federal government’s financial condition deteriorated rapidly last year, far beyond the $1.5 trillion in new debt taken on to finance the budget deficit, a USA TODAY analysis shows. The government added $5.3 trillion in new financial obligations in 2010, largely for retirement programs such as Medicare and Social Security. That brings to a record $61.6 trillion the total of financial promises not paid for."