USA TODAY: The federal government’s financial condition deteriorated rapidly last year, far beyond the $1.5 trillion in new debt taken on to finance the budget deficit, a USA TODAY analysis shows.
The government added $5.3 trillion in new financial obligations in 2010, largely for retirement programs such as Medicare and Social Security. That brings to a record $61.6 trillion the total of financial promises not paid for…
Medicare alone took on $1.8 trillion in new liabilities, more than the record deficit prompting heated debate between Congress and the White House over lifting the debt ceiling… (more)
EDITOR: We can only reverse an increase in debt by getting people back to work! As occurred in 1937, efforts to reduce the deficit sent the economy back into depression. Only the deficit spending triggered by World War II led to recovery and half of century of relative prosperity. People working pay taxes; people not working cost the government money.
