Every American Household Owes Over Half A Million Dollars In Federal Obligations

05.29.09 | FL News Team

Most Americans are aware of their personal debts, mortgages, car payments, credit cards. But we all owe a lot more than that.

A lot more.

"USA Today" has looked into the depths of the federal spending trough and discovered each and every household in America owed an astonishing $546,668 in federal obligations last year. The report says this year another $55,000 per household was tacked on to that.

An aging population that is driving up costs for Medicare and Social Security accounts for some of the increase but there has also been a massive amount of federal borrowing this year. The newspaper crunched the numbers throwing everything into the calculator from Medicare to military pensions.

The final total finds the federal government added roughly $6,800,000,000,000 to future spending plans in 2008 bringing the grand total owed by generations today and well into the future of $68,300,000,000,000.