David Walker, the former US Comptroller General, estimates that the bloated public and private debt in the US works out to $250,000 for every man, woman and child in the country.
Mr. Walker says that the federal debt level is approaching $55 trillion and if you add in the what is owed on the state and local levels — plus personal household debt — it adds up to $75 trillion in obligations.
Walker, who now heads the Peter G. Peterson Foundation, named for the co-founder of the Blackstone Group, warned that without fiscal restraint, Uncle Sam may be guaranteeing that our future is not as prosperous as our past.
At the $75 trillion deficit level a family of four owes $1 million, he said.
Earlier this year Walker wrote on Politico.com: “Social Security and Medicare alone are already under funded by about $44 trillion, or $146,000 per American, in today’s dollars, and this number is growing on auto pilot every year by about $2 trillion, or $6,600 per American.”