The Reality of the Federal Government's Fiscal Hole

This week, U.S. citizens were granted a reprieve from the fiscal negligence of our federal government when the editorial board of Bloomberg declared "it just ain't so" that American households are on the hook for trillions of dollars in "unfunded or underfunded commitments to Social Security participants, Medicare patients, pensions and health care for government retirees, plus retirement and disability payments for the military." Regrettably, the paragraph above is written with tongue in cheek, for the editorial board's logic is spurious on all accounts.  They are attempting to refute USA Today's and the Peter G. Peterson Foundation's estimates for federal government debts, liabilities, and unfunded obligations ($62 trillion and $62.3 trillion respectively).  Our think tank, Just Facts, has performed calculations with similar methodologies that produce a figure in the same ballpark ($56.5 trillion), which equates to $481,000 for every household in the country. The first...(Read Full Post)