1.
Groupon starts refund program
WASHINGTON, May 19 (UPI) -- Lifelong obligations for the U.S. government -- payments that cover anyone living now -- reached $57.3 trillion in 2007, financial analysts said.
The official federal deficit is $162 billion but the figure doesn't include Medicare, Social Security or pension benefits adjusted to reflect payments over expected lifetimes. Unlike corporate reporting, the official deficit only covers future obligations for one year, USA Today reported Monday.
"We're running deficits in the trillions of dollars, not the hundreds of billions of dollars we're being told," Chief Executive Officer of the Institute for Truth in Accounting of Chicago Sheila Weinberg told the newspaper.
In 2007, federal obligations for those alive today jumped $1.2 trillion for Medicare costs, $900 billion for Social Security and $106 billion for civil servant retirement.
The total, using corporate reporting standards, rose by rose by $2.5 trillion last year and now amount to $500,000 per household, USA Today said.
|
|
|
|
|
|
| Additional Business News Stories | |
HAVANA, May 25 (UPI) --
Cuba is reportedly sitting on vast underwater oil and gas reserves, but none came up in the latest exploration, a joint Chinese-Spanish undertaking.
|
LONDON, May 25 (UPI) --
Military pilot training and training aircraft were in the news this week, with European companies reaping more than $3 billion in contracts.
|
First-time buyers are driving the expectations that a recovery has begun. Their numbers and market share are growing despite financing roadblocks and competition with investors for entry-level homes. ...
|
The photos are familiar, but the captions are not, as economic tension skips across the continent of Europe.
|
| Stories | Photos | People | Comments |
View Caption
