Since May 30, 2008, less than six months ago, the United States has added a stunning $1.2 trillion dollars to its already bloated public debt. Total debt now stands at $10.6 trillion while that portion held by the public and foreigners is up 20.6% in less than half a year.
"Since the time George Washington was president until Bill Clinton assumed the office, we had managed to accumulate $4.2 trillion in debt. President Clinton added $1.6 trillion and George Bush has increased the total by another $4.8 trillion," said Sheila Weinberg Founder of the independent Institute for Truth in Accounting.
"Beginning in the middle of the year, the federal government's existing annual deficit has been increased by bank bail outs, insurance company rescues and by coming to the aid to automobile manufacturers and their unions." Weinberg continued. "For the sixty million households that pay taxes, these government programs add more than $20,000 in future liabilities."
Weinberg reminds us that the public debt is only a small part of the fiscal challenges that face Americans. "The real problems are the promises we have made to ourselves without a way to pay for them. These unfunded obligations are a consequence of Social Security and Medicare entitlements, primarily and they are nearly five times larger that the "official" debt. The total combination of debt and promises is a whopping $57 trillion or more than $188,000 for every man, woman and child. For taxpaying households, this is an obligation of nearly $900,000!"
The Institute for Truth in Accounting is a 501(c) 3 organization with no political affiliations. Our organization is comprised of business, governmental and academic leaders who are committed to the highest standards of honesty and integrity, and who support these principals in the public and private sectors. Our mission is to enhance the credibility of public sector financial reporting by encouraging the issuance of understandable, reliable, and relevant information. For more information about the Institute, please visit our websites at www.truthinaccounting.org and www.truthin2008.org