Your family’s share of the national debt just got a lot bigger thanks to the recent increases in federal spending. According to an analysis by USA Today, in 2008 an additional $55,000 per household in new federal obligations was added onto the already massive figure, bringing the total to $546,668. USA today does well to illustrate this point, noting,

That’s quadruple what the average U.S. household owes for all mortgages, car loans, credit cards and other debt combined.”

This increased debt takes an already bad situation and makes it worse. Even before the current economic crisis entitlement spending alone was expected to more than double by 2050 leading to massive increases in debt and deficits. The situation is simply unsustainable. Near term spending must be curbed, and long term entitlement reform should be implemented now.