Tag: retirement benefits

Analysis: Federal Fiscal Burden Consumes 93 Percent of America’s Wealth

Michigan Star Staff

Based on data from a U.S. Treasury report, the federal government has amassed $142 trillion in debts, liabilities, and unfunded obligations. This staggering figure equals 93% of all the wealth Americans have accumulated since the nation’s founding, estimated by the Federal Reserve to be $152 trillion.

Unlike other measures of federal red ink that cover an arbitrary period, extend into the infinite future, or ignore government resources, the figure of $142 trillion applies strictly to Americans who are alive right now and includes the government’s commercial assets. Thus, it quantifies the financial burden that today’s Americans are leaving to their children and future generations.

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Blue States Worry They Can’t Pay Out Retirement Benefits

Michigan Star Staff

Three high-profile Democratic governors are struggling to stabilize their states’ retirement programs due to a falling stock market and may have difficulties paying out benefits in the coming years, according to Politico.

Democratic California Gov. Gavin Newsom, Democratic Illinois Gov. J.B. Pritzker and Democratic New Jersey Gov. Phil Murphy, all of whom are considered potential candidates for the 2024 presidential race, have poured billions of dollars into their states’ pension funds, according to Politico. They may struggle to maintain their public images if they’re forced to raise taxes or make budget cuts to keep pension payments flowing.

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