PolitFact checks Romney's debt claim

When Mitt Romney traveled around the country campaigning recently, he brought a debt clock with him showing the rising national debt.

The total is a mind-boggling, massive number. In St. Petersburg, Fla., on May 16, 2012, Romney explained what the debt and "unfunded liabilities" means for every household.

Romney said unfunded liabilities "means promises made by the federal government where there is no money behind it to pay it. … So it's the liabilities (that) add up to, think about this, $520,000 per household. …And this president hasn’t stopped it; he has added to it."

Wow -- every family owes more than a half-million? Forget about ever paying that off -- right?

PolitiFact checks to see if Romney, the presumed Republican nominee for president, was correct that the amount of debt plus unfunded liabilities equals about $520,000 per household.

Comments

[DREGstudios]

Mitt Romney’s Magic Mormon Underwear protects him from the evils of the world including socialism, illegal immigrants, homosexuals and taxes on his inherited wealth. Can these sacred garments also make it rain down enough cash for a victory in this race since well over 90% of public offices are bought in our country by Big Money? Drop by to discuss these mysterious tighty whities and the role of money in politics at http://dregstudiosart.blogspot.com/2012/05/mitt-romneys-magic-mormon-underwear.html

[Foreclosure Help]

Well, he shouldn't have traveled far and wide to campaign if he doesn't have that much fund to finance his travels.

[Jim]

When looking at a company would Mitt only look at its debt and ignore its assets? What are the Federal assets we are leaving our children? I suspect they are 10 times the debt. If I leave my kids $1 million in debt and $10 million in land, buildings, and other assets they will be happy.