By Andrew L. Yarrow
Despite centuries of distaste for debt, the United States will be nearly $10 trillion in debt by Election Day 2008. It has promised another $50 trillion or so in explicit and implicit benefits to be paid in the future--a number that has almost doubled during the presidency of George W. Bush; in fiscal parlance, these are "unfunded liabilities," which businesses and state and local governments are forced to report on their books--but the federal government is not. To put these numbers in varying perspectives, $50 trillion is equal to nearly 100 percent of Americans' total net worth--everything that we as individuals, as businesses, and as a country own. It also adds up to a cool half a million dollars in debt for every American household.
--From Forgive Us Our Debts; The Intergenerational Dangers of Fiscal Irresponsibility by Andrew L. Yarrow, Yale University Press, 2008.
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The Help You May Need - Starts Here
The Help You May Need - Starts Here
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Through the days and coming weeks, you will find a substantial collection of what we consider helpful tidbits of information. Please take what you need or want and pass the rest to a friend.
Through the days and coming weeks, you will find a substantial collection of what we consider helpful tidbits of information. Please take what you need or want and pass the rest to a friend.
