Surges well past $100 trillion.
The U.S. Treasury has published a major report revealing that the federal government has amassed $103.7 trillion in debts, liabilities, and unfunded obligations. To place this unprecedented shortfall in perspective, it amounts to:
- $315,315 for every person living in the U.S.
- $806,181 for every household in the U.S.
- 4.8 times the size of the U.S. economy.
- 29 times annual federal revenues.
- 91% of the combined net worth of all U.S. households and nonprofit organizations, including all assets in savings, real estate, corporate stocks, private businesses, and consumer durable goods such as automobiles and furniture.
The new data reflect the government’s finances at the close of its 2019 fiscal year on September 30th. Thus, they don’t include added spending that has been passed and proposed to support individuals, businesses, and the general economy in the wake of the Covid-19 pandemic.
This official report is mandated by a federal law that requires the Treasury and White House to produce a full accounting of the government’s “overall financial position” by no later than March 31st of each year. Beyond the national debt, it also includes the government’s explicit and implicit commitments. This method approximates the accounting standards that the federal government imposes on publicly traded corporations.
Unlike higher estimates of the federal government’s fiscal shortfall that extend indefinitely into the future, these figures only include Americans who are alive right now. Thus, they estimate the burden that today’s Americans are placing on future generations.
Although the report discloses information of crucial import to U.S. citizens, Google Newsindicates that no media outlet has informed Americans about it since it was released on February 27th.