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Friday, August 8, 2008

$330,000 per Capita National Debt

Bill Walker points us to a speech made by President and Chief Executive Officer of the Federal Reserve Bank of Dallas, Richard W. Fisher. According to Mr. Fisher:

Add together the unfunded liabilities from Medicare and Social Security, and it comes to $99.2 trillion over the infinite horizon. Traditional Medicare composes about 69 percent, the new drug benefit roughly 17 percent and Social Security the remaining 14 percent.
On a per capita basis (that is for each U.S. citizen) the amount is a staggering $330,000 each, about 10 times higher than government released numbers.