The following is
the introduction to the article which can be found in its entirety at the
aforementioned website for USAToday.
The long-term economic health of the
United States is threatened by $53 trillion in government debts and liabilities
that start to come due in four years when baby boomers begin to retire. (Related graphic: U.S. economy threatened by aging of America)
The "Greatest Generation" and its baby-boom children have promised
themselves benefits unprecedented in size and scope. Many leading economists
say that even the world's most prosperous economy cannot fulfill these promises
without a crushing increase in taxes — and perhaps not even then.
Neither President Bush nor John Kerry is addressing the issue in detail as they
campaign for the White House.
A USA TODAY analysis found that the nation's hidden debt — Americans'
obligation today as taxpayers — is more than five times the $9.5 trillion they
owe on mortgages, car loans, credit cards and other personal debt.
This hidden debt equals $473,456 per household, dwarfing the $84,454 each
household owes in personal debt.
The $53 trillion is what federal, state and local governments need immediately
— stashed away, earning interest, beyond the $3 trillion in taxes collected
last year — to repay debts and honor future benefits promised under Medicare,
Social Security and government pensions. And like an unpaid credit card balance
accumulating interest, the problem grows by more than $1 trillion every year
that action to pay down the debt is delayed.
Please travel to this website for the
continuation of this article: