Every US Household Owes $534,000 As Their Share of Unfunded Liabilities

The United States is going to post a deficit of around $1.65 trillion in 2011. That's a lot of money.

The United States currently has a public outstanding debt load of $14.3 trillion. That's a lot of money as well.

Believe it or not, both of these numbers pale in comparison to the $61.6 trillion in unfunded liabilities that the United States currently has on its balance sheet.

According to USA Today, the US government added $5.3 trillion in new financial obligations in 2010, bringing the total amount of unfunded liabilities in the country up to $61.6 trillion. This works out to an eye-popping $534,000 per household.

What are unfunded obligations? Unfunded obligations are the difference between spending commitments and revenues. Unfunded obligations are the financial promises that the US government has made that they still have to find the money for.

The biggest contributors to the country's unfunded obligations? Medicare and Social Security. According to USAToday.com, Medicare took on $1.8 trillion in new liabilities in 2010, while Social Security took on $1.4 trillion.

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The USA Today piece closed out with this ominous line:

"The government has promised pension and health benefits worth more than $700,000 per retired civil servant. The pension fund's key asset: federal IOUs."

Source: USAToday.com - US funding for future promises lags by trillions

Filed under: General Knowledge