53 Trillion Dollar Debt -- The looming national benefit crisis

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. 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 personaldebt. This hidden debt equals $473,456 per household, dwarfing the $84,454 each household owes in personal debt. [more ]