Sunday, August 28, 2005

$145,000 owed by every American

The country is ill-prepared to cover $43 trillion in obligations.

The Associated Press

You owe $145,000. And the bill is rising every day.

That's how much it would cost every American man, woman and child to pay the tab for the long-term promises the U.S. government has made to creditors, retirees, veterans and the poor. And it's not even taking into account credit card bills, mortgages - all the debt we've racked up personally. Savings? The average American puts away barely $1 of every $100 earned.

Our profligate ways at home are mirrored in Washington and in the global marketplace, where as a society we spend $1.9 billion more a day on imported clothes and cars and gadgets than the entire rest of the world spends on its goods and services. A chorus of economists, government officials and elected leaders are warning that nonstop borrowing could bring fiscal disaster - one that could unleash plummeting home values, rocketing interest rates, lost jobs and threats to government services.

No comments: