$45 TRILLION and CountingBy 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!

We Regret to Inform You...By James Hamilton

Kolbe on the FOG SiteBy James Hamilton

Take a minute and read the latest FOG Q&A with former Arizona Congressman Jim Kolbe (R). Mr. Kolbe was a pioneer in efforts to educate his colleagues about the fiscal crises facing Social Security and Medicare and, along with former Texas Congressman Charlie Stenholm (D) Kolbe introduced the only bipartisan legislation to address the programs' funding shortfalls. Check out his interview with FOG's Tim Penny.

Check This Out! 2008 Election InfoBy James Hamilton

At For Our Grandchildren we're doing all we can to keep you informed and educated about the presidential candidates' positions on the fiscal crisis facing Social Security, Medicare, and other such programs. We recently unveiled our 2008 Election page which features quotes from the candidates and the media. Come back often to see if your favorite candidate is being consistent. After all, this is a campaign.