Federal Government’s Debt, Unfunded Obligations Grew Rapidly Last Year
Rob Bluey /
According to a new analysis from USA Today, American households are now on the hook for $534,000 to pay for the county’s debt and the unfunded obligations, or excess costs, for programs like Social Security and Medicare.
USA Today reveals the eye-popping numbers for the federal government’s mounting fiscal problems. A staggering $5.3 trillion was added to the government’s tab last year, putting the overall figure at an astonishing $61.6 trillion.
The report offers fresh evidence that the time to act is now. Entitlement programs, in particular, are driving the debt crisis, despite what some in Congress and the White House would have you believe.