$45 TRILLION and Counting
By James Hamilton
Well... it's official. The Government has promised $45 trillion more in benefits than it can pay. The Treasury Department released the information as part of its annual Financial Report of the United States Government.
"Our government has made a whole lot of promises in the long-term that it cannot possibly keep," Comptroller General David M. Walker, the head of the Government Accountability Office, said.
The news keeps getting worse from year to year. It's up almost 68% since 2003. And there's no end in sight. Ask the presidential candidates and your members of Congress how they plan to address this.
Someone has to make good on these commitments. Sounds like we're on the hook whether we like it or not, but what will we do to keep the amount from growing another 60-70% by 2012? It's time to stop talking. We need action fast!
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