American Households on the Hook for $546,668

Posted: May 29, 2009 1:08 PM
It's no secret that this White House and Congress are putting the pedal to the metal when it comes to government spending. While Republicans unfortunately did their fair share when they were in power, President Obama is making President Bush look like a skinflint.

Today, USA Today reports that as a result of the government's increased financial commitments in just this past year, Americans are on the hook for $55,000 more per household to pay for our nation's debt. Furthermore, to make good on our nation's financial commitments to Medicare, Social Security, military and civil service retirement, and other obligations, the federal government has put each American household on the hook for a total of $546,668. USA Today notes that this figure is "quadruple what the average U.S. household owes for all mortgages, car loans, credit cards and other debt combined."

Our nation is on an unsustainable course that will force future generations of American to pay, and pay dearly, for our irresponsible ways. We can either raise taxes to account for this debt, we can borrow and go into more debt to pay off the debt we have -- which seems self-defeating, or we can put down the taxpayers credit card here in Washington.

How in the world are we going to take on a government-run health care program and implement a cap-and-trade energy tax, as our Democrat leaders propose, without increasing both the average household’s personal debt and the average household’s share of the federal debt? Obama, Reid, and Pelosi are persistent in getting these big government programs through while passing the bill for this spending spree off to our children and grandchildren. This is exactly what we are doing, and it’s simply not sustainable. Something’s got to give.

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