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Re: Retirement Accounts have Lost $2 trillion
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Originally Posted by tstew
Ya think? Kind of like finding a quarter here and there? |
The nation's real tab, on the other hand, amounted to $53 trillion as of the end of the last fiscal year. That was the sum of our public debt; accrued civilian and military retirement benefits; unfunded, promised Social Security and Medicare benefits; and other financial obligations -- all according to the government's most recent financial statement of September 30, 2007.
The rescue package and other bailout efforts for Fannie Mae, Freddie Mac, AIG and the auto industry, escalating operating deficits, compounding interest and other factors are likely to boost the tab to $56 trillion or more by the end of this calendar year.
By David M. Walker
Special to CNN
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I'm (sic) not cynical, I just haven't been around long enough to be Jedi mind-tricked by politics as usual. Alas, maybe in a few years I'll be beaten back into the herd. tstew
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