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Friday, May 29, 2009


For the second day in a row, USA Today reports on an aspect of the nation’s dire financial situation:
Taxpayers are on the hook for an extra $55,000 a household to cover rising federal commitments made just in the past year for retirement benefits, the national debt and other government promises, a USA TODAY analysis shows.

The 12% rise in red ink in 2008 stems from an explosion of federal borrowing during the recession, plus an aging population driving up the costs of Medicare and Social Security.

That's the biggest leap in the long-term burden on taxpayers since a Medicare prescription drug benefit was added in 2003.

The latest increase raises federal obligations to a record $546,668 per household in 2008, according to the USA TODAY analysis. That's quadruple what the average U.S. household owes for all mortgages, car loans, credit cards and other debt combined.
Given that the government is in the process of saddling every American with a boat load of debt as it – it comes as no surprise that a new Rasmussen poll shows almost 70% of American’s opposed to the national sales tax being floated by the Obama Administration and Democrats in Congress.

Those approvals number jump slightly if the new tax is used to pay for “universal health insurance coverage” – though most of that increase is due to support from registered Democrats. On the other hand, “Republicans are opposed by a three-to-one margin, and those not affiliated with either major party are opposed two-to-one,” the poll found.

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