America’s National Debt $56.4 trillion

What does a “$56.4 trillion hole” mean?

A: $56.4 trillion is basically the total sum of our federal government’s liabilities and unfunded retirement and health care obligations as of September 30, 2008. These include publicly-held debt, pensions, retiree health care and other miscellaneous commitments, as well as the current value of the unfinanced promises the federal government has made for future payments for Social Security and Medicare.

Q: Why should Americans care if our federal government has promised $56.4 trillion?

A: Because it is $56.4 trillion that our government does not have. This staggering amount breaks down to a $483,000 burden on every American household, or a $184,000 burden on every man, woman, child and newborn in this country. At some point, we will either need to cut back on those promises and/or raise more revenues to fund them.

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