Federal Government’s Financial Burden Grows By $10 Million A Minute
August 12th, 2012Via: U.S. News and World Report:
Former U.S. comptroller general David Walker is sounding the alarm on the federal government’s “financial sinkhole,” which he says is growing deeper by about $10 million every minute.
By “sinkhole,” Walker is not just referring to debt, but the government’s total liabilities, unfunded social insurance promises, and other federal commitments. Through his fiscal responsibility group, the Comeback America Initiative, Walker wants Americans to know that the financial challenge facing our country is much larger than most people think.
To reflect that challenge, the Comeback America Initiative has produced an enhanced and more comprehensive version of the National Debt Clockâthe “Burden Barometer.”
The Burden Barometer counts the government’s financial obligations that go further than the national debt, such as retiree health obligations, Social Security and Medicare, and unfunded military pensions. As a result, the number is significantly higher than that displayed on the National Debt Clock.
At the time of this post, the National Debt Clock read $15.9 trillion, while the Burden Barometer read $69.9 trillion. (When the National Debt Clock was unveiled in 1989, it was at just $2.7 trillion.)
