Federal Shortfall Equals $670K Per Household
Newly published data from the U.S. Treasury shows that the federal government has amassed $84.3 trillion in debts, liabilities, and unfunded Social Security and Medicare obligations. This amounts to $670,000 for every household in the U.S., a fiscal burden that equals 93% of the nation’s private wealth, including the combined value of every American’s assets in real estate, corporate stocks, small businesses, bonds, savings accounts, cash, and personal goods like automobiles and furniture.
Federal law requires the U.S. Treasury and White House to produce an annual report on the “overall financial position” of the federal government. The law also requires the Government Accountability Office to audit this data, which is then published in the Financial Report of the United States Government.
Despite the important and shocking nature of this report, a search of Google News shows no results for it, even though it has been almost a week since it was published.
“A Complete Picture”
Unlike the federal budget, which primarily uses cash accounting, this Treasury report uses accrual accounting. The Government Accountability Office explains that this accounting method “is intende